New Zealand: Chapman Tripp advises Heartland Bank on capital raising
Last Updated: 15 December 2016

Chapman Tripp is advising Heartland Bank on its $30 million capital raising via a combination of a placement and a Share Purchase Plan (SPP).

The placement was conducted yesterday (12 December) through a bookbuild that saw institutional and other select New Zealand and Australian investors invited to bid for shares. The placement has successfully raised the maximum $20 million of new capital sought.

Heartland intends to raise a further $10 million through an SPP, the final terms of which are expected to be announced in early 2017. The SPP will give New Zealand shareholders the chance to acquire up to $15,000 of shares.

Chapman Tripp partner Rachel Dunne says the same class regime in the Financial Markets Conduct Act 2013 was used to conduct the placement.

"This allowed the capital to be raised efficiently, while also enabling participation by New Zealand retail investors through their brokers."

Heartland intends to use the capital to fund future growth as well as further invest in the bank's digital strategy. The bank's shares last traded at $1.53 and have risen 16% this year.

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