Z Energy Limited (NZX:ZEL) has successfully completed the placement of NZ$290 million via new shares announced yesterday. The new shares were allotted at price of NZ$2.90 per share thus issuing 100 million new fully paid ordinary shares.
The proceeds from the share placement will be used:
- To pay down the existing bank term debt Facility A;
- Enhance the company’s balance sheet, liquidity and provide financial flexibility;
- To support the resilience of Z’s business to potential market conditions.
At NZST 01:20PM, the stock was trading at $3.120 per share, down by 0.64% from its previous close.