Beleaguered property fund DNZ has set a date for listing on the NZSX, eight months after its last attempt failed.It is launching a $35 million capital raising, which will cover the $35 million it is going to pay its chief executive Paul Duffy and recently
Beleaguered property fund DNZ has set a date for listing on the NZSX, eight months after its last attempt failed.
It is launching a $35 million capital raising, which will cover the $35 million it is going to pay its chief executive Paul Duffy and recently-retired director Alistair Hassell in cash to cancel their existing management contract to the company.
Of that, $10 million has to be reinvested in the company.
The $35 million capital raising can be oversubscribed by up to $10 million.
The offer opens on July 19 and is expected to close on August 4.
DNZ expects allocation and allotment to take place on August 14, with trading on the NZSX to be commenced on August 16.
It owns 55 properties that are 95.4% tenanted, worth a combined total of $671 million but it has gearing is much higher than any of the existing listed property companies at 46.9% with debt of more than $314 million.
