21 Oct 2009

Investors back Pyne Gould capital raising

8:59 pm on 21 October 2009

There's been a strong uptake by investors in Pyne Gould Corporation's $237 million capital raising, to fund its expansion into banking and funds management.

Pyne Gould offered six new shares for every one currently held at 40 cents each.

Almost 89% of the money, about $210 million, has been raised from investors.

The shortfall , $27 million, will be picked up the underwriter, First NZ Capital Securities, and sub-underwriters, which includes Pyne Gould director, George Kerr.