New Zealand meat processor Affco Holdings said today [Monday] it is planning to hold a rights issue.
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In a statement, Affco said its major shareholders Talley’s Fisheries and Toocooya Nominees would fully subscribe their individual entitlements and help underwrite the rights issue, which will take place before the end of the group’s current financial year, ending September.
“The terms and pricing of a rights issue and its associated underwriting arrangements are currently being finalised and will be submitted to the board for consideration in the next month,” executive chairman Sam Lewis said.
The additional support will enable Affco to complete its operational and financial restructuring programme this year, including the completion of capital upgrades at the Moerewa, Wairoa and Manawatu plants, Lewis added.
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