Kenyon and Charlotte Clarke of Du Val. Photo / supplied
Kenyon and Charlotte Clarke of Du Val. Photo / supplied
Du Val Group says investors who don’t agree to convert their investment and outstanding cash distributions into equity could forgo any returns for years.
The firm’s long-awaited information memorandum, released this month to investors, would see a reformatted Du Val Property Group issue 200 million shares at $2-a-share to convert$94.4m of existing lenders’ debt to equity.
The memorandum suggests that the transaction may eventually lead to either an initial public offering or direct listing on the New Zealand stock exchange (NZX). It values the Auckland property developer at $400m.
In market capitalisation terms, that would place it ahead of NZX-listed Sky Network TV and just under Turners Automotive.
