Auckland International Airport Ltd said 76 percent of retail investors participated in the retail portion of its $126.4 million capital raising.A bookbuild, or tender process, will be held to sell the shares not taken up, with shareholders receiving any p
Auckland International Airport Ltd said 76 percent of retail investors participated in the retail portion of its $126.4 million capital raising.
A bookbuild, or tender process, will be held to sell the shares not taken up, with shareholders receiving any premium if the bookbuild price is above $1.65 a share.
Institutions not taking up their rights received a 26c a share premium in an earlier process, though 99 percent of institutions decided to participate in the capital raising.
The capital raising is a first for the New Zealand market. It offered shareholders an entitlement to buy one new share for every 16 held at $1.65 each. There was no trading of rights.
Shareholders not taking up their entitlement get the premium set by the bookbuild process.
The offer is fully underwritten by Credit Suisse (Australia) Ltd and First NZ Capital Securities Ltd so there was never any doubt the airport would get the funds.
The shares taken up under the retail offer are expected to be issued on February 25.
The bookbuild to sell the 7.1 million shares retail shareholders did not to buy is on February 22.
