NZX has announced that it has completed its review of the capital raise settings within the NZX Listing Rules (Rules) and the resulting amendments will come into effect on 15 January 2024. We have summarised the various key amendments in an earlier article which can be found here.
The key change coming out of the consultation is to permit the use of accelerated non-renounceable entitlement offers (ANREOs) in New Zealand, together with updating SPP thresholds. In our earlier article, we explain the key features of an ANREO and when it may be used, along with the other changes coming out of the review.
In addition to the update to the Rules, NZX will also be introducing a new guidance note for capital raisings. The guidance note has been prepared to set out basic information that issuers may wish to consider in relation to capital raising structures, including highlighting investor concerns.
A mark-up of the amendments to the Rules and the new guidance note are available and linked here.
Please get in touch with one of our experts if you wish to discuss these upcoming changes.
This article was co-authored by Ronnie Duan, a solicitor in our Corpoate and Commercial team.
