Rubicon Capital Raising Successfully Completed - Fully Subscribed, Raises
5 July 2012 - Rubicon Limited announced today that it had successfully
completed its recently announced entitlement offering ("Offer"), raising the
full NZ$21 million (US$16 million, before fees) that it had been targeting.
The Offer (a pro-rata entitlement offer of 1 Rubicon share for every 3 shares
held, at an application price of NZ 22 cents (or US 16.531 cents) per share)
received strong shareholder support, with the Company''s three largest
shareholders upon completion of the Offer (i.e. Knott Partners & Associates,
Third Avenue Management, and Perry Capital) each taking up their entitlements
in full. Directors and Officers of the Company also took up their
entitlements in full.
The entitlements of shareholders who were either unable to (i.e. ineligible),
or who elected not to take up the Offer, have now been fully subscribed for,
entirely by existing Rubicon investors, through a bookbuild process offered
to both eligible retail shareholders and institutional shareholders. Eligible
retail shareholders bid for an additional 6 million shares in the bookbuild
process, which, together with bidding from existing Rubicon institutional
shareholders, cleared all unsubscribed entitlements at a price of 24 cents
per share - i.e. a 9% premium to the application price. Under the terms of
the Offer, this premium will be paid pro-rata to those shareholders who
either were unable to, or elected not to, take up their full entitlements.
Steve Kasnet, the Company''s Chairman said, "The positive response to the
Offer from existing shareholders is very pleasing. The fact that not even one
share of the Offer needed to be allocated to outside investors, is an
indication of the extremely strong support the Offer has received from the
Company''s existing shareholder base - support for which we are very grateful.
With this capital raise completed, we can now focus on rewarding our
shareholders by addressing the considerable value that we all see in our
ArborGen and Tenon investments, according to the existing plans which we have
The new shares are expected to be allotted tomorrow, 6 July 2012 - four days
ahead of the original allotment timetable.
End CA:00224667 For:RBC Type:GENERAL Time:2012-07-05 11:18:54