Duncan Cotterill advises NZRLC on accelerated renounceable entitlement offer

Duncan Cotterill has advised New Zealand Rural Land Company (NZRLC) to close an accelerated renounceable entitlement offer and raise $16.4m to fund the acquisition of two South Island dairy assets.

Corporate partner Matt Yates led the transaction with the support of senior associate Chris Thomas and of solicitors Brooke Lynskey, Tom Fitall and Katie Read.

“It was a great outcome to complete this offer and the acquisitions in what are very trying market conditions,” Yates said. “What NZRLC has managed to achieve in less than two years as a listed company is a real credit to the team at NZRLC.”

Craigs Investment Partners and Wilsons Corporate Finance were the joint lead managers to the offer.

NZRLC is the sole agricultural land-based property company listed on the NZX. Last January, Duncan Cotterill was behind the landmark listing, which was the largest primary listing in 2020 with a $75 million IPO.