Nuplex shares on trading halt

Shares in resins company Nuplex Industries were placed on a trading halt shortly after the sharemarket opened today, pending an announcement from the company.

Nuplex yesterday issued the 577.6 million shares made available through a renounceable rights issue to existing shareholders.

Shareholders were offered seven new shares for every one existing share, at an issue price of 23c a share.

The $132.8m rights issue was undersubscribed by 4.09 per cent, or $5.4m, which was taken up by underwriters First NZ Capital and sub-underwriters.

First NZ Capital had four business days from yesterday to exercise an option requiring Nuplex to allocate up to 99m new shares to sub-underwriters, a broad range of institutional and habitual investors.

- NZPA