Argosy's Wellington buy-up over-subscribed

Argosy Property is just days away from going unconditional on part of its Wellington cbd buy-up plan, after a successful share offering.

The Auckland-based company had been aiming to raise an extra $20 million from its share purchase plan in order to go unconditional on two Wellington properties – the former Defence House and New Zealand Post House.

Its share purchase plan was extended by a week to take into consideration some investors possibly still on holiday. It closed over-subscribed on Tuesday, with a total of $31.4 million invested.

Argosy chief executive Peter Mence says the board has decided to scale back applications on a proportionate basis based on the dollar amount for which share applications have been made.

Shares will be allotted next week and any refunds will be mailed back to investors.

It managed to raise $80 million from institutional investors just before Christmas, at a price of 0.88 cents per share.

The total investment now means Argosy can go unconditional at the end of this month on the former defence headquarters in Stout St and can go unconditional on New Zealand Post House in Waterloo Quay a month later.

Argosy paid $33 million for 15 Stout Stand $60 million for New Zealand Post House.            

Mr Mence told NBR ONLINE he expects to settle on both properties shortly after going unconditional.

The price of the shares issued under the plan has also been set at 0.88 cents per share.

Argosy started the day’s trading unchanged at 95 cents.

bcunningham@nbr.co.nz


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6952 0.0000 0.00%
AUD 0.8901 0.0000 0.00%
EUR 0.5907 0.0000 0.00%
GBP 0.5276 0.0000 0.00%
HKD 5.4294 0.0000 0.00%
JPY 78.9230 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1278.6 -9.430 2017-10-20T00:
Oil Brent 57.8 0.550 2017-10-20T00:
Oil Nymex 51.9 0.580 2017-10-20T00:
Silver Index 17.0 -0.177 2017-10-20T00:

Indices

Symbol Open High Last %
NZX 50 8124.1 8142.3 8124.1 0.07%
NASDAQ 6633.4 6640.0 6605.1 0.36%
DAX 13057.8 13063.6 12990.1 0.01%
DJI 23205.2 23328.8 23163.0 0.71%
FTSE 7523.0 7560.0 7523.0 0.00%
HKSE 28360.0 28519.8 28159.1 1.17%
NI225 21391.0 21489.3 21448.5 0.04%
ASX 5896.1 5924.9 5896.1 0.17%