Ryman shareholders pay a hefty penalty
By Stephen Bennie
The entitlement offer that they announced on 15 February raised $902 million, and it’s not the extra $2m that caused the raised eyebrows. Nor was it the $30 million that went to the investment bankers that pulled the deal together and organised the underwriting, that cost is ballpark for this type of deal. That left Ryman with $870 million with which to reduce outstanding debt. The matter that raised eyebrows is nicely summed up by this extract from their capital raise presentation.
Extract from the Ryman capital raise presentation

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