KEY POINTS:
A trading halt on shares in PGG Wrightson has been extended as the company runs a book build process with institutions to raise money to pay for its investment in Silver Fern Farms.
The halt, was put in place at the start of trading yesterday and had been due to last until the market opened today.
But today NZX said the halt had been extended to allow PGG Wrightson to finalise the capital raising process.
The halt would continue until before the market opens tomorrow, or when PGG Wrightson notified NZX of the outcome of the book build and placement process.
The company's acquisition of a 50 per cent interest in Silver Fern Farms was approved by Silver Fern Farms' shareholders on September 8.
The placement of shares with institutional investors is likely to be supplemented by an entitlement offer to the company's shareholders under which they will be able to buy $5000 of shares at a price not less than the price of today's placement.
This will raise $25 million.
The company has previously said it intends to raise $100m, which implies the book build will be for $75m.
- NZPA
