PPCS plans share issue

Share issue planned PPCS, New Zealand's biggest meat processor, may raise $41 million by selling shares to the farmers who supply the co-operative's livestock.

The company may sell 45 million shares over three years. Suppliers would pay 90 cents a share of the $1 nominal value, with the balance paid via bonus issue of stock, the Dunedin-based company said.

No details were given on how the funds would be used.

In March, PPCS gained a waiver from its banks and bondholders after the company posted a first-half loss and breached the terms of its debt.

PPCS plans to have a prospectus registered by September 30.