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Vital announces successful completion of $125m Placement

Thursday, 08 October 2020

Vital has successfully completed the $125m placement of new units (the Placement), which forms part of the $150m capital raising announced on 7 October 2020 (the Offer).

The Placement was underwritten at a fixed price of $2.80 per unit, representing a 6.0% discount to the closing price of $2.98 on 6 October 2020. Existing unitholders that participated in the Placement were given priority to obtain a pro rata allocation.

Vital's Fund Manager, Aaron Hockly, said
“We are delighted with the outcome of the placement, which was well supported by existing institutional unitholders and broker firm clients. The capital raising provides Vital with the funding to pursue growth opportunities, particularly the approximately $100m of new brownfield developments."

Settlement and allotment of the new units issued under the Placement is expected to occur on 13 October 2020.

Forsyth Barr Group Limited and Goldman Sachs New Zealand Limited acted as underwriters of the Placement.
The Unit Purchase Plan opens on Tuesday, 13 October 2020

Eligible unitholders will receive their personalised application forms to apply for up to $50,000 of new units in the unit purchase plan (the UPP) component of the Offer from Tuesday, 13 October 2020. Unitholders can apply online at www.vitalunitoffer.co.nz until 5.00pm (NZ time) on Wednesday, 28 October 2020.

Record Date: 5pm NZ time, 6 October 2020
Announcement of Offer: 7 October 2020
Unit Purchase Plan Opening Date: 13 October 2020
Offer Document and Application Form sent to eligible unitholders: 13 October 2020
Unit Purchase Plan Closing Date: 5pm NZ time, 28 October 2020
Unit Purchase Plan issue price announced:29 October 2020
Allotment of new units under the Unit Purchase Plan and commencement of trading: 4 November 2020

For further information in respect of the Placement and UPP, please refer to the capital raising presentation released to the NZX on 7 October 2020.

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