Join our daily newsletter At The Bell to receive exclusive market insights
- Oceania Healthcare (OCA) has closed its non-underwritten, NZ$20 million (roughly A$18.49 million) retail offer oversubscribed
- The retail offer was well supported by shareholders, with Oceania receiving applications totalling around NZ$50 million (around A$42.2 million)
- The new shares will be issued at NZ$1.27 (about A$1.17), a 2.5 per cent discount to the five-day volume-weighted average market price of Oceania shares
- Settlement of the offer is expected to occur tomorrow
- Oceania Healthcare shares last traded at $1.21 cents on April 14
Oceania Healthcare (OCA) has closed its non-underwritten retail offer oversubscribed.
Oceania Healthcare is a leading provider of healthcare services in New Zealand.
The NZ$20 million (approximately A$18.49 million) offer was well supported by shareholders, with Oceania receiving applications totalling around NZ$50 million (around A$42.2 million). Scaling and the return of any surplus application amounts will be carried out in accordance with the terms of the retail offer.
The offer was part of Oceania’s equity raising, under which Oceania also undertook a fully underwritten NZ$80 million (roughly A$74 million) placement of new shares to institutional shareholders in New Zealand, Australia and other jurisdictions.
Under the retail offer, eligible existing shareholders could each subscribe for up to NZ$50,000 (around A$46,220) worth of new Oceania shares. Over 5,000 Oceania shareholders applied under the retail offer, with an average application size of NZ$9,600 (approximately A$8,894).
The new shares will be issued at NZ$1.27 (approximately A$1.17), a 2.5 per cent discount to the five-day volume-weighted average market price of Oceania shares.
Settlement of the offer is expected to occur tomorrow, with new shares ranking equally in all respects to existing ordinary shares.
Oceania Healthcare shares last traded at $1.21 cents on April 14.
