Correction to NBR Article – proposed IPO issue price

4/9/2020, 11:31 am MKTUPDTE

Plexure Group Limited (NZX: PLX) announces a correction to an article called “Plexure aims for $54m from IPO” released by The National Business Review Online (NBR) on 3 September 2020 (the Article). Shareholders voted on a resolution at Plexure’s annual meeting yesterday to give the Board authority to issue shares with an aggregate issue price of $A50m for the purpose of a proposed initial public offering (IPO) at an issue price to be determined. The Article states that the “issue price at the IPO would be no greater than 20% below the market price”. That statement in the Article is the opposite of the position. Rather, the issue price at the IPO cannot be less than 20% below the market price. The purpose of the resolution was, as described in the Explanatory Statement to the Notice of Meeting, to provide a level of certainty for shareholders regarding potential dilution, so the reference point for setting the IPO issue price would be the market price and in no circumstances would the issue price be lower than 20% below the market price.

Plexure understands that NBR will correct the statement in the Article.

The full wording of the resolution was: “That the Board may, for the purpose of the potential IPO, in accordance with Listing Rule 4.2.1(a), issue fully paid ordinary shares with an aggregate issue price of no more than A$50 million at a price per ordinary share set with reference to the Average Market Price (as defined in the Listing Rules), and being a price no lower than 20 percent below such Average Market Price, at the end of the last trading day prior to the date on which the offer price for the IPO is to be set.”


For more information please contact:

Ronn Bechler, Market Eye
P: +61 400 009 774
E: [email protected]

Tristan Everett, Market Eye
P: +61 403 789 096
E: [email protected]