The instos is a bookbuild. And underwritten at NZD $1.20.
From the announcement "The Placement will be conducted via a bookbuild in which institutional and other sophisticated and professional investors in Australia and New Zealand will be invited to participate by Joint Lead Managers, Bell Potter Securities Limited and Ord Minnett Limited. A two-business day trading halt of Plexure's shares has been granted by NZX prior to the market opening today."
But then it won't be bid up, as we get the shares at $1.20 which is the same as the Book build offer. "The issue price under the SPP will be NZ$1.20, being the same price paid by investors in the Placement, at an exchange rate of NZ$:A$ 0.9375."
So $1.20 it is. I assume if there is excess interest from "institutional and other sophisticated and professional investors" we can expect un-met demand to drive price up to appropriate level.
Price at posting:
$1.55 Sentiment: Buy Disclosure: Held
