Asset Plus Ltd withdrew its proposed $100 million rights offer this morning, 24 hours before it was due to open, a consequence of the Covid-19 virus uncertainty.
The withdrawal also affects Asset Plus’s 18.5% shareholder, Augusta Capital Ltd, which had intended to reduce its stake in Asset Plus through the rights issue, cutting back from 18.85% to 11.2%.
Asset Plus had intended to hold a shareholder meeting on Tuesday 31 March to approve the capital-raising, and that’s been cancelled too.
Asset Plus chair Bruce Cotterill said today the company’s agreement to develop a building on Munroe Lane, Albany, to be occupied by Auckland Council still stood.
Mr Cotterill said the agreement was still in place and remained subject to the funding & approval condition & the resource consent condition.
“Asset Plus intends to meet with Auckland Council to discuss a potential extension to the funding & shareholder approval condition satisfaction date, which is currently 15 April,” he said.
11 March 2020: Asset Plus announces rights offer, Augusta to cut its stake
14 February 2020: Asset Plus signs council for Albany development, prepares for capital-raising
Attribution: Company release.