SkyCity to issue over one million new shares

Casino operator SkyCity Entertainment Group Ltd has announced it will issue a total of 1,057,894 new shares to participating eligible retail shareholders.

In a filing to the Australian Stock Exchange, the company said 4,839 shares will be issued at NZ$4.40 (US$3.11) per new share and 1,053,055 new shares issued at A$4.05 (US$3.03) per new share.

Last month, SkyCity announced it was to raise NZ$263 million of new equity from its shareholders to fund future development, namely to repay bank debt and reduce gearing, in order to support the funding of future capital expenditure commitments in Auckland and Adelaide.