Q1 Disclosure Statement
Unaudited net profit after tax (NPAT) for Heartland was $16m for the three
months ended 30 September 2017, an increase of 12% from the corresponding
three month period in 2016.
The result was driven by continued growth in net finance receivables across
all divisions. Net finance receivables grew $138m to $3,684m, which equates
to 16% annualised growth (4% growth for the three month period).
Heartland expects underlying asset growth to continue during the remainder of
the 2018 financial year, and is pleased to reaffirm its forecast range for
NPAT for the 2018 financial year of $65.0m to $68.0m.
Rights Issue
To support continued growth in its loan portfolio and maintain a strong
balance sheet, Heartland is seeking to raise up to approximately $59 million
of new equity under a pro rata rights issue.
Key details:
o 1 for 15 pro rata rights issue
o Issue price of $1.70 per share, being a 10.1% discount to the closing price
on 8 November 2017 and a 9.5% to the theoretical ex-rights price (TERP)
o Open to New Zealand and Australian shareholders, as well as institutional
shareholders in Hong Kong, Singapore, the United Kingdom and Norway
o Open from 23 November 2017 to 8 December 2017 (unless extended)
o Any rights not taken up will be sold under a shortfall bookbuild
o Shareholders who take up their rights in full may participate in the
shortfall bookbuild
o The offer is not underwritten
o Rights will not trade on the NZX Main Board