KPG kiwi property group limited

Ann: RIGHT: KPG: Successful completion of retail bookbuild

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    • Release Date: 11/06/15 17:32
    • Summary: RIGHT: KPG: Successful completion of retail bookbuild
    • Price Sensitive: No
    • Download Document  3.75KB
    					KPG
    11/06/2015 17:32
    RIGHT
    PRICE SENSITIVE
    REL: 1732 HRS Kiwi Property Group Limited
    
    RIGHT: KPG: Successful completion of retail bookbuild
    
    COMPLETION OF RETAIL BOOKBUILD
    Kiwi Property advises that it has successfully completed the retail bookbuild
    component (Retail Bookbuild) of its underwritten 1 for 9 entitlement offer
    (Offer).  The Offer was announced on 18 May 2015, and will raise a total of
    approximately NZ$151.9 million.
    
    The clearing price under the Retail Bookbuild was NZ$1.23 per share, a
    premium of NZ$0.03 per share over the application price of NZ$1.20 under the
    Offer. Therefore, eligible retail shareholders who elected not to take up
    their entitlements and ineligible retail shareholders will receive NZ$0.03
    for each new share not taken up by them.
    
    The Retail Bookbuild attracted broad support from existing and new
    institutional shareholders from New Zealand and offshore.
    
    The shares taken up under the Retail Bookbuild are expected to be allotted
    and commence trading on 16 June 2015.
    
    SUBSCRIPTION SCHEDULE
    The following table summarises the distribution of subscribed entitlements
    during the Offer (excluding the premiums in respect of the bookbuilds):
    
    INSTITUTIONAL COMPONENT
    Existing shareholders: $65.2m
    Bookbuild participants: $4.5m
    Total proceeds: $69.7m
    
    RETAIL COMPONENT
    Existing shareholders: $42.5m
    Bookbuild participants: $39.7m
    Total proceeds: $82.2m
    
    TOTAL ENTITLEMENT OFFER
    Existing shareholders: $107.7m
    Bookbuild participants: $44.2m
    Total proceeds: $151.9m
    
    Chris Gudgeon, Chief Executive, said: "The outcome from the 1 for 9
    entitlement offer has been very pleasing, with approximately 71% of all
    entitlements taken up by existing shareholders, and NZ$0.03 per share of
    value being received by those retail shareholders who did not take up their
    entitlement or who were ineligible to do so."
    
    FURTHER INFORMATION
    Shareholders who have any questions about the Offer are encouraged to read
    the Offer Document which is available on the website established for the
    Offer, kiwipropertyrightsoffer.co.nz, and seek financial, investment, or
    other professional advice from a qualified professional adviser.
    
    Kiwi Property shares are expected to resume trading on the opening of the NZX
    Main Board on 12 June 2015.
    
    > Ends
    
    DISCLAIMER
    This announcement has been prepared for publication in New Zealand and may
    not be released or distributed in the United States.  This announcement does
    not constitute an offer to sell, or a solicitation of an offer to buy
    securities in the United States or any other jurisdiction.
    
    The entitlements and shares to be offered in the Offer described in this
    announcement have not been, and will not be, registered in the United States
    under the US Securities Act of 1993 and may not be offered or sold in the
    United States, except in transactions exempt from, or not subject to, the
    registration of the US Securities Act and applicable to US state securities
    law.
    
    CONTACT US FOR FURTHER INFORMATION
    
    Chris Gudgeon
    Chief Executive
    [email protected]
    +64 9 359 4011
    mobile +64 21 855 907
    
    Gavin Parker
    Chief Operating Officer
    [email protected]
    +64 9 359 4012
    mobile +64 21 777 055
    
    ABOUT US
    Kiwi Property (NZX: KPG) is the largest listed property company on the New
    Zealand Stock Exchange and is a member of the NZX15 Index.  We've been around
    for more than 20 years and we proudly own and manage a $2.28 billion
    portfolio of real estate, comprising some of New Zealand's best shopping
    centres and prime office buildings.   Our objective is to provide investors
    with a reliable investment in New Zealand property by targeting superior
    risk-adjusted returns over time through the ownership and active management
    of a diversified, high-quality portfolio.  To find out more, visit our
    website kp.co.nz
    End CA:00265570 For:KPG    Type:RIGHT      Time:2015-06-11 17:32:33
    				
 
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