NZ's Nuplex says raises additional NZ$26.7 mln
WELLINGTON, April 24 (Reuters) - New Zealand resins company Nuplex Industries Ltd (NPX.NZ) said on Friday it has raised an additional NZ$26.7 million ($15 million) following the issue of additional shares to its rights issue.
Nuplex said the issue price for the shares to be issued in the top-up placement will increase to NZ$0.27 a share from NZ$0.23 each, allowing the company to raise additional funds.
Shares in the company, which was put on a trading halt, last traded at NZ$0.33. So far this year it has slumped nearly 71 percent.
On Tuesday the company reported that its seven-for-one rights issue for new shares has raised NZ$132.8 million.
The company has been pressured since February when it reported a 76 percent decline in first half profit because of falling sales in weak markets, and said it needed to raise capital to manage its debt commitments.
It negotiated an easing in conditions of banking agreements for its senior debt cover, including a cap on dividends, and initially planned a NZ$110 million share placement, before choosing the rights issue.
Nuplex is New Zealand and Australia's largest maker and distributor of resins and polymers for the paint, paper and textile industries. It has operations in China, Vietnam and Holland. ($1=NZ$1.78)
