Fletcher Building announces that it has successfully completed the equity placement component of the funding package for its acquisition of Formica Corporation. The Chief Executive Officer, Mr Jonathan Ling, said that the placement had been very successful, with 26,000,000 shares being placed at a price of NZ$12.60 per share, realising NZ$327.6 million in total. The shares are expected to be issued on settlement on Thursday 31 May 2007.
“This is a further vote of confidence in Fletcher Building, and the strategy that has led to acquisitions such as Formica”, Mr Ling said. “The placement has been well supported across a broad range of institutional investors, particularly those that already held shares in Fletcher Building.
The underwritten placement was jointly conducted by a global bookbuild, lead and underwritten by Goldman Sachs JBWere and Deutsche Bank AG.
Contacts:
Jonathan Ling
Chief Executive Officer
Phone: +64 9 525 9169
Fax: +64 9 525 9032
Bill Roest
Chief Financial Officer
Phone: +64 9 525 9165
Fax: +64 9 525 9032