Founder shareholder sell down update
NZ Automotive Investments Limited (NZX:NZA) has been advised that a substantial shareholder (Eugene Williams) has successfully sold down in aggregate approximately 4.233 million shares (comprising 9.3% of NZA shares on issue) in a private placement to a range of investors.
The private placement of 4.233 million NZA ordinary shares was subscribed at an offer price of $0.93 per share.
As a result, NZA’s free float has increased from ~8% to 18%. NZA is pleased to welcome the new investors to the company.
Eugene remains a substantial shareholder in the company owning 36% of shares on issue following the sell-down.
The founder’s successful sell down is aligned to and facilitates the business strategy of increasing liquidity and broader engagement in the stock.
For further information, please contact:
Chief Financial Officer
NZ Automotive Investments Limited