ZEL Successfully Completes NZ$290 million Placement

  • May 12, 2020 NZST
  • Team Kalkine
ZEL Successfully Completes NZ$290 million Placement

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.

 


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