Arvida Group (NZX:ARV) completes its Rights Offer 

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Arvida Group (NZX:ARV) completes its Rights Offer 

 Arvida Group (NZX:ARV) completes its Rights Offer 
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Highlights

  • Arvida Group completed its NZ$175 million underwritten 1 for 6.75 pro rata renounceable rights offer on Wednesday.
  • The offer will help in funding Arvida’s procurement of Arena Living’s six retirement villages.

Arvida Group Limited (NZX:ARV) completed its NZ$175 million fully underwritten renounceable pro rata 1 for 6.57 rights offer on Wednesday. The Offer got NZ$131 million of applications from eligible shareholders, indicating a take-up rate of nearly 75%.

New shares will be issued at NZ$1.85 per share with settlement and allotment of shares on 15 November.

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Arvida also provided eligible shareholders with the chance to participate in the shortfall bookbuild.

The Group noted that nearly 23.8 million new shares out of a total Rights Offer size of 94.7 million new shares are offered for the shortfall bookbuild component of the Rights Offer. The shortfall bookbuild will be conducted on Wednesday by Forsyth Barr Limited and Jarden Securities Limited as Joint Lead Managers.

The Rights Offer had opened on 27 October and is a part of ARV’s capital raising plan to finance the acquisition of Arena Living’s six retirement villages. The Offer comes after NZ$155 million placement of new shares that settled on 21 October.

Arvida CEO Jeremy Nicoll stated that the level of take-up by its eligible shareholders in the Rights Offer, and the success of the capital raising is delightful for the Group.

Bottom Line

The Group looks forward to welcoming Arena Living residents to ARV Group as it grows its portfolio and brings resident care models to more Kiwis in retirement.

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