New Zealand Merino announces capital raising and share buy-back
Award winning international marketer and seller of premium ethical wool, New Zealand Merino Company Limited (NZM) has launched a capital raising and share buy-back to support future growth, with MinterEllisonRuddWatts advising.
NZM’s Product Disclosure Statement, Disclose Register Entry and the Buy-Back Disclosure Document were submitted to the Registrar of Financial Service Providers, as well as lodged on the USX Share trading platform.
The offer and share buy-back aim to create greater alignment between NZM, its shareholders, growers and other key stakeholders says Corporate Partner Silvana Schenone who leads the firm’s advising team.
“This project is an exciting milestone for New Zealand Merino’s growth plans – the capital raised will support the long term success of this world-leading business, alongside innovation and enduring stakeholder relationships” says Silvana Schenone.
“The capital raising and share buy-back follow a Constitutional review aimed at modernising the company’s structure and enabling future growth.”
“We are delighted to have helped NZM reach this key milestone in its strategically significant project,” Schenone said.
NZM Chair Kate Mitchell comments: “We are delighted to have launched this project. The targeted share offer and buy-back will help diversify our funding sources while also strengthening our balance sheet at a time of heightened uncertainty due to Covid-19. The support and guidance we received from the MinterEllisonRuddWatts team all the way through this process has been fantastic.”
The share offer and the buy-back open on 18 November. Both processes close in December 2020.