Genesis Energy Completes NZ$300 Million Rights Offer

MT Newswires Live

Mar 20

Genesis Energy (ASX:GNE, NZE:GNE) successfully completed its NZ$300 million 1-for-7.9 pro-rata renounceable rights offer, securing strong investor backing with nearly 81% uptake, including participation from the New Zealand government, which maintains its 51% majority stake, according to a Friday filing with the New Zealand and Australian bourses.

The company raised around NZ$242.7 million from eligible shareholders, with an additional NZ$48.1 million in demand to be met through a shortfall bookbuild of about 27.9 million shares, per the filing.

The rights offer is expected to settle on March 24 for the Australian Securities Exchange and on March 25 for the New Zealand Exchange, with allotment and trading on both exchanges expected to start on March 25, the filing said.

Shareholders who were either ineligible or did not fully exercise their rights may receive a proportional share of any excess between the bookbuild price and the NZ$2.05 application price, though such a gain is not guaranteed, the filing added.

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