Heartland Bank Ltd completed a $20 million placement yesterday at $1.46/share.
Chief executive Jeff Greenslade said it was well supported by Australian & New Zealand investors and introduced a number of new investors to the register.
Settlement & allotment of the new shares is expected to occur tomorrow.
Heartland also intends to make a discounted offer to existing New Zealand shareholders of up to $10 million through a share purchase plan, offering them up to $15,000 of shares/each. Mr Greenslade said the final terms of that offer should be announced in more detail in early 2017.
Attribution: Company release.