29 September 2016
Company Announcement
Turners 2016 $25m Convertible Bond Issue Fully Subscribed
Demand for $12m Placement
Turners Limited (NZX:TNR) advises that its Convertible Bond Issue, which
closed last week, was fully subscribed, with applications totalling $25.56
million.
The new bonds are expected to commence trading on the NZDX on the 3rd October
2016.
Turners also advises that as a result of additional demand for shares it is
undertaking a capital raise of approximately $12 million. The funds being
raised together with the $17.4 million of 2014 bonds which converted into
fully paid shares will maintain acquisition headroom for the company as it
continues its growth strategy.
The capital raise will be through a placement with a small number of
significant New Zealand institutional investors, and some private investors,
including interests associated with Andrew Bagnall. The placement price per
share will be at the 2014 Bond Issue conversion price (5% discount to the 90
day VWAP as at 30th September). Allocation of the shares will be concluded by
the 7th October.
Chief Executive Todd Hunter said: "We are very pleased to see the new bond
program fully subscribed, which is a further sign of confidence from the
market in the Turners business and strategy. We have seen a good mix in
applications from retail and institutional investors."
"The full subscription for the 2016 Convertible Bond issue and the concurrent
and unprompted demand for shares is a real positive for the Turners Limited
business. The capital raise further strengthens our balance sheet with
shareholder funds increasing by approximately $30 million (total shareholder
funds of $162 million). Furthermore it maintains our ability to fund
additional acquisition opportunities which we are actively pursuing."
ENDS
For further information, please contact:
Todd Hunter CEO M: 021 722818 DDI: (09) 580 9358
Grant Baker Chairman M: 021 729 800
End CA:00290004 For:TNR Type:GENERAL Time:2016-09-29 16:42:11