Resurgent mining and civil contractor NRW Holdings is undertaking a share placement to institutional and sophisticated investors to raise approximately $20 million. Funds from the placement will be allocated towards the retirement of debt and will provide additional liquidity as the company seeks additional opportunities. UBS and Euroz Securities have been appointed joint lead managers on the placement, which will be priced at 49c a share.
September 20th, 2016
NRW Holdings Limited
181 Great Eastern Highway
Belmont, 6104, Western Australia
Ms Dawn James
Australian Securities Exchange
NRW Holdings Limited – A$20m Placement
NRW Holdings Limited (“NRW” or the “Company”) (ASX: NWH) is undertaking a placement of 41.8 million new ordinary shares (“Shares”) to raise approximately $20 million (before issue costs) (“Placement”).
The Shares will be issued at a fixed price of $0.49 per share (“Placement Price”) representing a discount of:
- 4.9% to NRW’s closing price of A$0.515 per share on 19 September 2016
- 6.5% to NRW’s 5 trading day VWAP of A$0.524 per share as at 19 September 2016
The Placement will be made to qualified institutional and sophisticated investors, and within the Company’s existing 15% placement capacity pursuant to ASX Listing Rule 7.1. The Shares will rank equally with existing shares.
The funds raised from the Placement will further reduce the Company’s net debt and provide additional liquidity for NRW to be more flexible in pursuing future opportunities.
UBS AG, Australia Branch and Euroz Securities Limited will act as Joint Lead Managers and Bookrunners. Settlement of the Placement is expected to occur on 23 September 2016, with the new shares to be allotted and commence trading on 26 September 2016.