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NZ poultry producer's dual listing success

NZ poultry producer's dual listing success

Daniel Scotti, MinterEllison

New Zealand poultry producer Tegel has listed on the NZX and ASX and completed an IPO with advice from MinterEllison.

Firms: MinterEllison and MinterEllison Rudd Watts (Tegel Group Holdings Limited)

Deal: Tegel Group Holdings Limited completed an IPO and listed on the NZX and the ASX.

Value: NZ$671 million

Area: IPO

Key players: MinterEllison's Australian team was led by partners Daniel Scotti (pictured) and Martin Bennett, supported by senior associate Nicole Sloggett and lawyer Christina Ilinkovski. Partner David Eterovic and senior associate Leigh Schulz advised on the refinancing of Tegel's existing debt facilities.

They worked alongside the New Zealand team of MinterEllison Rudd Watts partners Mark Stuart and Cameron Taylor, senior solicitors Daria Sutherland and Elena Kim, as well as solicitors Tayla Johnston and Olly Wilson.

Deal significance: Tegel Group Holdings Limited is a fully integrated poultry producer involved in the breeding, hatching, processing, marketing and distribution of poultry products across New Zealand, Australia, the Middle East, Asia and the Pacific.

Tegel was admitted to the official list of the NZX on a conditional basis and the ASX on a conditional and deferred settlement basis on 3 May. Normal settlement trading on NZX and ASX commenced on 5 May.

Shares representing up to 51.5 per cent of Tegel's issued capital were issued under the IPO at NZ$1.55 per share, implying an enterprise value for Tegel of NZ$671 million.

"The transaction is significant as Tegel is one of the first NZ issuers to conduct a dual listing relying on the recently amended NZ securities law regime as well as one of the first NZ issuers to seek admission to the official list of ASX relying on the new foreign exempt admission criteria for NZ companies on ASX," MinterEllison lead partner Daniel Scotti said.

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NZ poultry producer's dual listing success
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