DNZ to list on sharemarket after capital raising approved

The New Zealand sharemarket looks set to get a new listing next month after shareholders at DNZ Property Fund's annual meeting yesterday voted in favour of a plan to raise capital by an offer to existing shareholders.

Shareholders were asked to vote on a resolution for a capital raising of up to $35 million, and any additional shares offered at the discretion of the board of up to $10 million. The resolution passed with a vote of 98 per cent in favour.

The capital raising is expected to go ahead immediately.

The company hopes to list on NZX by the middle of next month after the capital raising.

The notice of meeting said the funds raised from the capital raising, with an ongoing controlled asset sale programme, will reduce the company's debt levels to a more acceptable low to mid-40 per cent range.

- NZPA