06 March 2008
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Company Announcement
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Nufarm completes $200 million placement
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Nufarm Limited ("Nufarm") announced today that it has successfully completed the institutional placement to fund the acquisition of AH Marks Holdings Limited and proposed acquisition of Etigra LLC, announced on 5 March 2008.
Following strong demand, the offer closed oversubscribed at a final price of $15.10 per share. A total of $200 million was raised through the placement of approximately 13.25 million new ordinary shares.
The placement was very well supported by a wide range of institutions, including both existing institutional shareholders and new investors. The new shares are expected to commence trading on Wednesday, 12 March 2008.
The Managing Director of Nufarm, Doug Rathbone, said the company is delighted with the positive response from institutional investors.
"The response to the institutional placement indicates strong support for the acquisitions and for our business strategy. Global growth drivers in agriculture remain very strong and the longer term outlook for Nufarm is extremely positive".
In conjunction with the institutional placement, Doug Rathbone sold 4 million Nufarm shares in the same institutional bookbuild. This represented approximately 13.5% of Mr Rathbone’s total shareholding in Nufarm. Mr Rathbone will remain the company’s largest shareholder with a relevant interest in approximately 25.9 million shares, representing an estimated 14% of issued capital, following the sell-down and placement.
Nufarm’s eligible retail shareholders will have an opportunity to participate in the capital raising through a Share Purchase Plan (SPP) at the institutional placement price of $15.10.
The SPP will enable eligible Nufarm shareholders in Australia and New Zealand to apply for up to $5,000 worth of ordinary shares in the company without incurring brokerage or other transaction costs. The SPP will be capped at $25 million.
The record date for determining entitlements to the SPP is Tuesday, 4 March 2008. Full details of the SPP will be provided in a letter mailed to all eligible shareholders shortly.
The new shares issued under the institutional placement and SPP will rank equally with existing ordinary shares and will be eligible to participate in the interim dividend for the half year ending 31 January 2008.
Nufarm requests that the trading halt as placed on 5 March 2008 be lifted immediately.
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Further information:
Robert Reis
Corporate Affairs
(61 3) 9282 1177
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This announcement does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) unless they are registered under the Securities Act or an exemption from registration is available.
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