KMD Brands Launches Over NZ$65 Million Fully Underwritten Equity Raising

MT Newswires Live

Mar 31

KMD Brands (ASX:KMD, NZE:KMD) has launched a fully underwritten equity raising of NZ$65.3 million, including a NZ$6.8 million institutional placement and a 1-for-0.73 pro-rata accelerated entitlement offer, according to a Tuesday New Zealand bourse filing.

The offer will be made at NZ$0.06 per share, representing around a 47% discount to the theoretical ex-rights price, with about 1.09 billion new shares to be issued, per the filing.

The institutional entitlement offer will run concurrently with the placement from Tuesday to Wednesday, with any shortfall to be sold via a bookbuild, the filing said.

The retail entitlement offer runs from April 7 to April 16, enabling eligible retail shareholders to exercise their entitlements, apply for additional shares, or have any unclaimed entitlements sold via a retail shortfall bookbuild around April 21, with any resulting premium refunded to shareholders.

The funds will be used to reduce the company's net debt and, alongside the refinanced facility, strengthen the balance sheet to support its next-level strategy, the filing added.

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