News
Bell Gully advises on Fletcher Building's capital raising
Bell Gully has advised Fletcher Building on its recently completed $525 million capital raising.
The capital raising comprised a $405 million institutional placement, a $100 million share purchase plan and a $20 million "top-up" offer to eligible investors. Corporate partners Brynn Gilbertson and Jayne Kirton led the Bell Gully team who worked with Fletcher Building's in-house team on each aspect of the capital raising.
Bell Gully and the company's other external advisers worked closely with board and management to achieve the company's objective of broad participation by shareholders in the capital raising. This included obtaining various waivers and exemptions from the NZX, ASX and the NZ Securities Commission (including increasing the size of the share purchase plan) and the introduction of a "top-up" offer to allow participation by certain eligible investors on the same basis as participants in the institutional offer. These features have been replicated in subsequent capital raisings in the New Zealand market.
The strong response to the capital raising from Fletcher Building shareholders represented a vote of confidence in the company's strategies and management.
