Fletcher Building Completes Institutional Shortfall Bookbuild Successfully

Fletcher Building Limited advised the successful completion of the institutional shortfall bookbuild (“Institutional Bookbuild”) of its NZ$750 million fully underwritten pro-rata accelerated 1 for 4.46 entitlement offer (“Entitlement Offer”) of new Fletcher Building Limited shares (“New Shares”). The Entitlement Offer was announced on 17 April 2018.

The institutional shortfall bookbuild of 2.2 million entitlements was well supported by eligible institutional shareholders and new investors. The clearing price under the Institutional Bookbuild was NZ$6.15 per share, representing a premium of NZ$1.35 per share over the Entitlement Offer price of NZ$4.80, and pleasingly also a premium to the Entitlement Offer theoretical ex-rights price of NZ$6.00. Eligible institutional shareholders who elected not to take up their entitlements and ineligible institutional shareholders will receive NZ$1.35 for each entitlement not taken up by them (less any withholding tax).

Amounts payable to eligible institutional shareholders who did not take up their full entitlement or ineligible institutional shareholders with nominated Australian dollar bank accounts will be converted from New Zealand dollars by the Registrar at the prevailing exchange rate for buying Australian dollars using New Zealand dollars at the time of payment. That exchange rate may be different to the exchange rate used to set the A$ Offer Price.

Following ongoing shareholder reconciliations, the gross proceeds (excluding the premium) raised in the Institutional Entitlement Offer and Institutional Bookbuild has increased to approximately NZ$515 million.

Announcement of A$ Offer Price

The A$ Price has been set at A$4.51. The A$ Offer Price was determined using the RBA AUD/NZD exchange rate on Thursday 19 April 2018 at 4.00pm (Sydney time).


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