New Zealand King Salmon Investments (ASX:NZK) raises $45.75m to pay off debt

• New Zealand King Salmon Investments (NZK) raises NZ$50.3 million (A$45.75 million) through a rights offer to repay debt and fund operations for the next year
• Shares will be issued at 14 cents each, with eligible shareholders taking up about 83.6 per cent of their entitlement under the offer
• The company was originally seeking to raise NZ$60.1 million, so the NZ$9.8 million shortfall will be allocated to any retail shareholders who oversubscribed to the rights offer
• The remainder of the shortfall will be taken up by the offer’s underwriter, Jarden
• New Zealand Kind Salmon shares last traded at 26 cents each on Monday, May 9

New Zealand King Salmon Investments (NZK) has raised NZ$50.3 million (A$45.75 million) through a rights offer to repay debt and fund operations for the next year.

Shares will be issued at 14 cents each, with eligible shareholders taking up about 83.6 per cent of their entitlement under the offer.

The company was originally seeking to raise NZ$60.1 million. It will allocate the NZ$9.8 million shortfall to any retail shareholders who oversubscribed to the rights offer, with the remainder of the shortfall will be taken up by the offer’s underwriter, Jarden.

“NZ King Salmon is delighted with the level of take-up by its eligible shareholders in the rights offer,” Managing Director and CEO Grant Rosewarne said.

The company is one of the world’s largest producers of King Salmon, which it sells in a number of product formats.

The new shares are expected to begin trading on Friday.

New Zealand Kind Salmon shares last traded at 26 cents each on Monday, May 9.