NZ Automotive Investments Limited – Proposed Sell Down by NZA Founder to improve liquidity
NZ Automotive Investments Limited (NZX:NZA) has been advised that an existing substantial shareholder is completing a sell-down through a bookbuild process through selected retail brokers.
A trading halt is required to facilitate an orderly market for NZA securities while the book build takes place.
The size of the sell-down is up to $5.0m which is expected to represent approximately 10% of the total market capitalisation of NZA. If the placement is fully subscribed, NZA’s free float will increase from ~8% to 20%.
The founder’s decision is aligned to and facilitates the business strategy of increasing liquidity and broader engagement in the stock.
The offer is being made while NZA’s shares are in a trading halt, which is expected to remain in place until the earlier of:
• An announcement about the completion of the bookbuild; or
• Close of trading on Friday, 17 September 2021.
If fully subscribed the founder will remain a substantial shareholder in the NZA owning 34% of shares on issue following the sell-down.
For more information on the content of this announcement, please contact:
Chief Financial Officer
NZ Automotive Investments Limited