NZ's Heartland Group set for worst day in over 2 years on discounted placement

Heartland group

24/08/2022 01:18

** Shares of Heartland Group Holdings  HGH.NZ  skid as much
as 11.3% to NZ$1.88, set to mark their worst day since March 23,
2020, if losses hold
    ** The financial services firm says it has successfully
completed the bookbuild for fully underwritten NZ$130 mln
($80.65 mln) placement of NZ$200 mln equity raising  urn:newsml:reuters.com:*:nFWN2ZZ1JF
    ** Says placement was strongly supported by existing
institutional and retail shareholders and attracted significant
bids from other institutional and retail investors 
    ** Stock hits lowest since June 20
    ** The fully subscribed placement at a fixed price of
NZ$1.80 per share is at a 15.1% discount to the last trading
price on Aug 22
    ** About 1.1 mln shares change hands, compared with the
30-day average of 229,741 shares 
    ** Heartland stock down 15.9% YTD, as of last close 
    

    ($1 = 1.6119 New Zealand dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))