The funds generated will help support the company’s long-term growth plans
MinterEllisonRuddWatts has helped local wool distributor New Zealand Merino Company Limited (NZM) pull together a capital raising effort that will support the company’s long-term growth.
The raising effort involves a share offer and a buy-back, opening on 18 November. The processes close in December, the firm said.
“The capital raising and share buy-back follow a Constitutional review aimed at modernising the company’s structure and enabling future growth,” said lead partner Silvana Schenone, who is part of MinterEllisonRuddWatts’ corporate team.
Schenone said that the goal of the share offer and buy-back is to enhance the alignment between NZM, its shareholders and other key stakeholders.
“This project is an exciting milestone for New Zealand Merino’s growth plans – the capital raised will support the long term success of this world-leading business, alongside innovation and enduring stakeholder relationships,” she said.
NZM’s product disclosure statement, disclose register entry and the buy-back disclosure document were lodged on the USX and provided to the Registrar of Financial Service Providers, MinterEllisonRuddWatts said.
“We are delighted to have launched this project. The targeted share offer and buy-back will help diversify our funding sources while also strengthening our balance sheet at a time of heightened uncertainty due to COVID-19,” NZM chair Kate Mitchell said.
She praised MinterEllisonRuddWatts for the guidance the team provided in the transaction.
Last month, the firm also advised commercial broadcaster MediaWorks during the divestment of its TV business to Discovery Inc.