Goodman Fielder retail offer comes up short

Thursday 27th October 2011 1 Comment

Goodman Fielder, the food company once owned by New Zealand billionaire Graeme Hart, has come up short in the retail component of a A$259 million capital raising.

Goodman Fielder will offer for sale under the retail shortfall bookbuild approximately 60.6 million new shares that were not taken-up in the retail part of the capital raising.

The institutional component of the offer was completed on Sept. 29, raising A$190 million.

Retail shareholders purchased 101.1 million shares, raising a further A$45.5 million, but leaving 60.6 million shares unsold.

The retail shortfall bookbuild will commence after market close on Oct. 26.

The proceeds from the capital raising are being used to give greater balance sheet flexibility.

BusinessDesk.co.nz

Comments from our readers

On 27 October 2011 at 12:36 pm Gerald said:

I am not suprised the long suffering public have not subscribed to this lemon.Given the destruction of shareholder wealth since these turkeys took it over from Hart why would you trust them with any more.I for one will not be investing further until the present board depart and hopefully sooner rather than later. Also the high court proceedings in NZ by their poor damn contractors against GF is a disgrace to any business and the NZ Managers should be ashamed of themselves