The fundraise is priced at NZ$5.00 per share and will be structured as 1 for 2.81 pro rata entitlement offer of new shares, representing a 21.9% discount to the last closing price on the New Zealand benchmark on Tuesday. "Our significant recent investment in our portfolio underpins our potential for future growth, but has resulted in higher debt than we are comfortable with in current market conditions," Chief Executive Officer Richard Umbers said. The entitlement offer implies Ryman is well capitalised as it steps up to meet increased demand, while also increasing cash flow generation and shareholder returns, Umbers added. The Christchurch-based retirement village and aged-care operator determined it will not pay any further dividend for fiscal 2023. It has already paid an interim dividend of 8.8 New Zealand cents per share for the first-half of fiscal 2023, while last year it distributed a total of 22.4 New Zealand cents apiece. ($1 = 1.5778 New Zealand dollars) (Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber)
(Updates with details on fundraising, CEO comment, dividend)
Feb 15 (Reuters) - New Zealand's Ryman Healthcare said on
Wednesday it was raising NZ$902 million ($571.69 million) to reset its capital
structure and strengthen its balance sheet by debt repayment, and added it will
not pay any further dividend for fiscal 2023.
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