Steel & Tube Completion of Shortfall BookBuild

6 September 2018
STU / NZX ANNOUNCEMENT


Error! Unknown document property name., Error! Unknown document property name., Error! Unknown document property
name.
STU COMPLETION OF SHORTFALL BOOKBUILD
Steel & Tube Holdings Limited (NZX:STU) advises that it has successfully completed the shortfall
bookbuild component of the $80.9 million capital raise announced on 7 August 2018. Strong support was
received from both existing shareholders and new investors, with scaling necessary, and the capital
raising is now complete.
Chair of Steel & Tube, Susan Paterson, said “We are pleased with the confidence shown in our future
direction by our existing and new investors. Steel & Tube shares have good coverage from the broking
community and our more diversified register should increase analyst coverage and improve liquidity.”
“We are confident that the capital raise, combined with the new mix of institutional investors, will result
in improvements in value for long-term shareholders who have supported the company. The funds raised
significantly reduce our debt and ensure that the company has the financial flexibility to pursue its
business transformation initiatives.”
“We look forward to sharing our progress and meeting our shareholders at our Annual Meeting on 25
October in Auckland.”
The clearing price under the shortfall bookbuild was the maximum price of $1.23 per share, a premium of
$0.18 per share over the application price of $1.05 per share under the offer. Therefore, eligible
shareholders who did not take up their full entitlements, and those ineligible to participate in the rights
offer, will receive $0.18 for each new share not taken up by them. Payment is expected to be made by 11
September 2018.
The shares taken up under the offer are expected to be allotted and commence trading on 7 September
2018.
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