New Zealand Refining Co slides on discounted capital raise

Channel Infrastructure NZ

29/11/2021 23:12

** Shares of New Zealand Refining Co Ltd  NZR.NZ  fall as
much as 4.6% to NZ$0.840 - set for their worst day since Aug. 17
    ** Shares hit their lowest since Nov. 19
    ** The petroleum products supplier completes an underwritten
placement of NZ$39 mln ($26.62 mln) to fund growth through
private storage services  urn:newsml:reuters.com:*:nNZW36Dc33
    ** Placement price of NZ$0.83 per share represents a 5.7%
discount to NZR's last closing price
    ** Co will also undertake share purchase plan to raise NZ$5
mln as a part of equity raising
    ** As of last close, stock up 60% this year

($1 = 1.4650 New Zealand dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))