Steel & Tube closes Rights Offer and Commences BookBuild

5 September 2018
STU / NZX ANNOUNCEMENT


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STU CLOSES RIGHTS OFFER AND COMMENCES SHORTFALL BOOKBUILD
Steel & Tube Holdings Limited (NZX:STU) advises that its fully underwritten 1 for 1.9 pro rata rights offer,
which closed on 3 September 2018, received strong support from Steel & Tube’s shareholders.
Approximately $42.3 million in new shares (being 40.2 million new shares at a price of $1.05 per share),
were taken up by shareholders under the offer. This represents approximately 70.7% of the new shares
available to eligible shareholders under the rights offer. In addition, applications totalling approximately
$5.6 million were received for additional new shares attributable to rights not taken up.
Chair of Steel & Tube, Susan Paterson, said: “We are focused on the future, with our customers at the
fore. We are making excellent progress strengthening Steel & Tube’s position as New Zealand’s leading
supplier of steel products and solutions; driving earnings improvements; and delivering value for our
shareholders. The funds raised will strengthen our balance sheet and provide us with financial flexibility
to implement our business transformation initiatives and achieve our longer term strategic objectives.”
A shortfall bookbuild will be conducted by First NZ Capital Securities Limited on 5 September 2018.
Shareholders who did not take up their full entitlements, and those ineligible to participate, in the rights
offer will receive a share of any premium achieved (being the amount by which the shortfall bookbuild
price exceeds the application price for new shares of $1.05 per new share), for the rights which they did
not take up. There is no guarantee that the shortfall bookbuild will result in a premium.
The new shares under the rights offer are expected to be allotted on 7 September 2018.
For questions about this Offer, shareholders should consult their broker, solicitor, accountant, financial
adviser, or other professional adviser or call Steel & Tube’s Share Registrar, Computershare, on +64 9
4888 777.

ENDS
For further information please contact:
Mark Malpass
Steel & Tube CEO
Tel: +64 27 777 0327
Email: mark.malpass@steelandtube.co.nz
Jackie Ellis
Media and communications
Tel: +64 27 246 2505
Email: jackie@ellisandco.co.nz