SCL
25/07/2014 11:21
LISTING
REL: 1121 HRS Scales Corporation Limited
LISTING: SCL: Scales Corporation lists on the NZX Main Board
Media release
July 25, 2014
Scales Corporation lists on the NZX Main Board
Shares in leading New Zealand agribusiness group, Scales Corporation, began
trading on the NZX Main Board today following the successful IPO that raised
$149 million through the sale of new and existing shares.
The stock in the horticulture, storage and logistics and food ingredients
business had been issued at $1.60 valuing Scales at $224 million.
Scales Corporation managing director Andy Borland says the issue has been
well supported and the listing represents an excellent result for all
concerned.
"We received very strong support from institutional investors and NZX Firms
with demand significantly exceeding the size of the offer at the final offer
price and we are very pleased with the shareholder spread.
"We welcome 12 domestic institutions, several global agriculture funds and
retail clients from all of the major NZX broking firms as investors. We are
particularly delighted that around half the offer has been subscribed to by
retail investors - New Zealanders who see the value of a portfolio containing
a strong, export-focused agribusiness.
"Scales now looks forward to achieving the goals set out when we began this
journey, in particular the exciting prospects available to us through what is
a fast-growing Asian sector."
Direct Capital Investments Limited, together with its co-investors the New
Zealand Superannuation Fund and ACC, have retained a cornerstone shareholding
of 20 per cent in Scales following the listing.
The IPO comprised an offer of 93 million ordinary shares and raised $30
million of new capital which will provide Scales with flexibility for the
future expansion of its business.
In its most recent annual result to 31 December 2013, Scales Corporation
reported an after tax profit up by 50 per cent to $20.4 million.
Total revenue increased 17.2 per cent on 2012 to $278.1 million, with higher
apple volumes and prices the single largest contributor while EBITDA was up
by 34.4 per cent to $44.4 million.
Joint Lead Managers for the offer were First NZ Capital and Deutsche Craigs.
About Scales Corporation
Scales is an established agribusiness market leader with long standing
customer relationships, efficient operating systems and an experienced
management team. It comprises three operating divisions: Horticulture,
Storage & Logistics and Food Ingredients. The company's diverse spread of
activities gives Scales broad exposure to New Zealand's primary sector.
Scales was founded in 1897 as a shipping business by George Herbert Scales.
Today it employs more than 400 staff New Zealand wide. Find out more at
www.scalescorporation.co.nz
Issued for Scales Corporation by Pead PR
Contacts:
Andy Borland, Managing Director, Scales Corporation Limited, DDI: 0-3-371
0345, Mob: 021-975 999, email: [email protected]
Candice Robertson, Pead PR, Tel: 0-9-918 5576, Mob: 021 075 7911, email:
[email protected]
End CA:00253099 For:SCL Type:LISTING Time:2014-07-25 11:21:18
