31 Aug 2011

$12.1 million raised from 1100 shareholders

7:18 am on 31 August 2011

Heartland New Zealand has raised $12.1 million from nearly 1100 shareholders, with the underwriters pick up the remaining $26 million under the share purchase plan.

The lender aims to raise $58 million to help to fund its purchase of PGG Wrightson Finance, with $20 million coming from PGG Wrightson and Pyne Gould Corporation.

Heartland says nearly 15% of the shareholder base participated in the plan.

Impact Capital, PGC and Accident Compensation Corporation will become Heartland's three largest institutional shareholders.