NZ Retail Property Group Ltd advised listed shell company Bethunes Investments Ltd today that it had terminated its proposed reverse listing transaction.
Bethunes chair Chris Swasbrook said: “The decision follows a non-deal roadshow by NZRPG where market feedback indicated a capital-raising in the current climate would not attach – in the NZRPG board’s view – a fair & reasonable price to NZRPG’s portfolio of assets, given softening dynamics impacting the listed property sector & property market generally.”
NZ Retail Property Group said its board would now assess various alternative capital management options, which it expected to progress after the 23 September general election.
Mr Swasbrook said the decision was disappointing, but Bethunes shareholders hadn’t incurred any direct costs in this transaction, and therefore were no worse off than before the proposed transaction was announced.
He said Bethunes continued to research new investment opportunities and expected to embark on a new capital-raising this year.
Image above: NZ Retail Property Group founder, and still sole director, Mark Gunton.
12 July 217: Retail Property Group valuation up 44% as NZX listing looms
10 March 2017: Gunton looks to backdoor-list Retail Property Group through Bethunes
25 May 2016: Milford shopping centre expansion approved
Attribution: Company releases.