Heartland Group Holdings equity raise announcement

Heartland Group Holdings Limited (ASX: $HGH) has successfully completed the retail entitlement offer component of its NZ$105 million underwritten 1 for 6.85 pro-rata accelerated non-renounceable entitlement offer. The company raised a total of NZ$210 million under the Placement and Entitlement Offer, with strong support from its Eligible Retail Shareholders.

Executive commentary on equity raise

The Retail Entitlement Offer raised gross proceeds of approximately NZ$79 million, with an effective take up rate by Eligible Retail Shareholders of approximately 81%. The structure utilized by Heartland has met its key objectives, ensuring fair treatment of all Eligible Retail Shareholders and encouraging institutional participation, which exceeded the total NZ$210 million raised.

Summary of Heartland Group Holdings equity raise

Heartland Group Holdings (ASX: $HGH) has successfully completed an equity raise, raising a total of NZ$210 million under the Placement and Entitlement Offer. The company received strong support from its Eligible Retail Shareholders, with an effective take up rate of approximately 81%. The New Shares are expected to commence trading on the NZX Main Board on Friday 26 April 2024 and on the ASX on Monday 29 April 2024, ranking equally with existing Heartland shares. The structure utilized by Heartland has met its key objectives, ensuring fair treatment of all Eligible Retail Shareholders and encouraging institutional participation, which exceeded the total NZ$210 million raised. Heartland expresses gratitude to all shareholders for their continued support.