HGH
24/04/2024 16:12
OFFER
PRICE SENSITIVE
REL: 1612 HRS Heartland Group Holdings Limited
OFFER: HGH: Heartland completes Retail Entitlement Offer (81% take up)
NZX/ASX release
24 April 2024
Heartland completes Retail Entitlement Offer (81% take up) and NZ$210m equity
raise
Heartland Group Holdings Limited (NZX/ASX: HGH) (Heartland) is pleased to
announce that it has successfully completed the retail entitlement offer
component (Retail Entitlement Offer) of its NZ$105 million underwritten 1 for
6.85 pro-rata accelerated non-renounceable entitlement offer (Entitlement
Offer).
Heartland is pleased to confirm it has raised a total of NZ$210 million under
the Placement and Entitlement Offer announced on 8 April 2024. This includes
gross proceeds of approximately NZ$131 million received under the
institutional component of the Entitlement Offer and Placement.
Heartland received strong support from its Eligible Retail Shareholders for
the Retail Entitlement Offer, in line with Heartland's expectations. The
Retail Entitlement Offer raised gross proceeds of approximately NZ$79
million. Heartland's Eligible Retail Shareholders subscribed for
approximately 64 million new fully paid ordinary shares in Heartland (New
Shares) (including approximately $14 million of oversubscriptions).
Eligible Retail Shareholders who took up their entitlements in full and
applied for New Shares in excess of their entitlements received all of the
New Shares for which they applied. The effective take up rate by Eligible
Retail Shareholders was therefore approximately 81%.
The approximately 15 million New Shares not taken up under the Retail
Entitlement Offer have been allocated to the underwriter and/or to
sub-underwriters procured by the underwriter, including institutional
investors who participated in the Placement and wished to purchase more
shares.
The Placement and Entitlement Offer structure utilised by Heartland has met
Heartland's key objectives, including:
1. ensuring all Eligible Retail Shareholders were treated fairly - all
applications for shares by Eligible Retail Shareholders were accepted,
meaning they could maintain their existing percentage shareholding through
the offer; and
2. introducing and encouraging institutional participation (including in
particular by investors in Australia) - institutional demand through the
equity raise exceeded the total NZ$210 million raised.
The New Shares to be issued under the Retail Entitlement Offer are expected
to commence trading on the NZX Main Board on Friday 26 April 2024 and on the
ASX on Monday 29 April 2024 and will rank equally with existing Heartland
shares.
Heartland wishes to thank all existing and new shareholders who participated
in the equity raise for their continued support.
- ENDS -
The person(s) who authorised this announcement:
Jeff Greenslade, Chief Executive Officer
Andrew Dixson, Chief Financial Officer
For further information, please contact:
Nicola Foley
Group Head of Communications
+64 27 345 6809
nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand