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Shortfall On PGG Wrightson Rights Issue Is 4.9 Percent

Fuseworks Media
Fuseworks Media

Wellington, Dec 18 NZPA - PGG Wrightson said 95.1 percent of shareholders took up their rights in the company's rights offer, leaving a shortfall of 4.9 percent for underwriters to pick up.

The pro-rata renounceable rights issue raised $180.7 million. The 4.9 percent being picked up by underwriters represents $8.8m. The underwriters are First NZ Capital Securities and UB New Zealand Ltd and unnamed sub underwriters.

"I am delighted that our shareholders have, to an overwhelming extent, participated in the successful recapitalisation of PGW and thank them for their continued support," chairman Keith Smith said.

The new shares will be issued on December 23.

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