This article is from the Australian Property Journal archive
DUAL-listed Fletcher Building has completed its NZ$700 million equity raising, as it seeks to boost its balance sheet amid a difficult outlook.
The raising comprised a fully underwritten NZ$282 million institutional placement and NZ$418 million pro rata accelerated non-renounceable entitlement offer. The fixed price of NZ$2.40 per new share represented was at a 17.0% discount to last close price on of NZ$2.89.
The products manufacturer and home builder swung to a loss in FY24, as weak results in its materials and distributions divisions dragged down revenue, while the company said it is exploring capital partnership options.
There has been plenty of change at the top. Previous CEO Ross Taylor exited after a poor half-year result, chief financial officer Bevan McKenzie resigned, and chairman Bruce Hassell also left, while directors Rob McDonald and Martin Brydon both brought forward their exits from the board.
