NZX-listed New Zealand Rural Land Company had its brokers seeking bids for an $NZ5million shortfall auction on Thursday morning, with the floor price set at $NZ1.05 a share.
Craigs Investment Partners and Wilson Corporate Finance were the joint lead managers and bookrunners. New Zealand Rural Land Company would use the proceeds to fund $NZ29 million acquisition of Argyle Downs Farm, a 564 hectare large-scale dairy farm in Southland, and Greenhill Farm, a 366 hectare dairy farm in the same region.