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New Zealand: PEB raises NZ$12.3 million capital

New Zealand-based cancer diagnostics company, Pacific Edge (PEB) has completed its NZ$21.3 million (US$15.1 million) underwritten 1-for-6 rights offer.

It was selling 66.6 million shares at NZ$0.32 per share which is a 26.6% discount to the theoretical ex-rights price of NZ$0.44 per share. Almost three-quarters were taken up. And on Friday, the shortfall bookbuild component was completed at the same price with support from both institutional and other eligible shareholders.

The new shares taken up under the offer are expected to be allotted and commence trading on the NZX Main Board on 15 November.

“We are pleased to have raised the full NZ$21.3 million to help fund our continued growth as we target getting Pacific Edge to a cashflow breakeven position as soon as possible,” said chairman Chris Gallaher.

Net proceeds will be used to provide funding for PEB’s continued growth, particularly in the US, while it targets getting to a cashflow breakeven position as soon as possible. The company said that it anticipates reaching a cashflow breakeven position in the financial year ending March 2019. The company’s 2017 losses grew to NZ$21 million.

The offer was fully underwritten by First NZ Capital Securities.
Posted on: 13/11/2017 UTC+08:00


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