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St Laurence to raise up to $24.4m

Property investor St Laurence Property & Finance (SLPF) is to raise up to $24.4 million through a rights issue.

Tuesday, February 12th 2008, 4:15PM
Executive chairman Kevin Podmore said the funds would be used for current and future development activities and to repay maturing debenture stock.

Sole shareholder St Laurence had agreed to take up its entitlement under the offer of about 9 million new notes worth around $6.75 million, he said.

The offer -- a pro-rata renounceable rights issue of about 32.5m new mandatory convertible property notes -- was expected to be fully underwritten.

SPLF said the new notes would be issued at 75c, and would have a fixed coupon of 9% per annum on their principal amount of $1 each for the eight-month period from issue until conversion.

The new notes would convert into SLPF fully paid ordinary shares in December at a rate of one fully paid ordinary share for every new note held.

It was proposed that under the offer, holders of SLPF's existing mandatory convertible property notes would be entitled to subscribe for one new property note for every four existing notes held.

St Laurence, as shareholder, would be entitled to subscribe for one new note for every four ordinary shares held.

As part of the offer, SLPF intended seeking quotation of the new notes and the existing notes on the stock exchange. The offer was planned to open on March 5 and close on April 10.

First NZ Capital had been appointed as lead manager and the organising participant for the offer.

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