New Zealand King Salmon Investments Limited has said part of its initial public offering (IPO) of shares in New Zealand will be a priority offering to residents in the Marlborough and Nelson Bays regions.
Currently, no money is being sought and the shares cannot be applied for or acquired under the proposed offer while New Zealand King Salmon seeks preliminary indications of interest from eligible residents of the Marlborough and Nelson Bays regions and from other persons in New Zealand who have a relationship with New Zealand King Salmon.
Eligibility to participate in any priority offer will be determined by New Zealand King Salmon in its sole discretion.
At the end of August, New Zealand King Salmon confirmed its intention to undertake an IPO of shares in New Zealand and a listing on the NZX Main Board and ASX with the proceeds of the offer being used to repay debt, fund future investment and working capital, and to also enable investors to realize some or all of their investment.
New Zealand King Salmon is the world’s leading aquaculture producer of king salmon and operates in the market under three brands: Ora King, Regal and Southern Ocean.
It owns and operates eight sea farms in the Marlborough Sounds, including three new farms consented in 2014 with a 35-year term. The new sea farms are expected to enable the company to approximately double annual production from the current 6,000 metric tons (MT).
In the financial year to 30 June 2016, the company generated revenues of NZD 114.1 million (USD 82.6 million, EUR 73.9 million) and pro forma operating EBITDA of NZD 16 million (USD 11.6 million, EUR 10.4 million).
