Published 6 June 2006
NZX Regulation has granted Richina Pacific Ltd a waiver to enable $US5 million of bridging finance from its major shareholder its existing loan facility as matured before a new long-term facility can be drawn down.
The majority shareholder is Richina Enterprise Holdings Ltd, a group of large private overseas interests holding a combined 39.64% of Richina Pacific. The Richina Pacific board had expected to be able to use the new facility by the first week in May. The board said it had approached its major shareholder after exhausting all other options.
In 2003, shareholders approved a $US3 million loan from Richina Enterprise Holdings Ltd (then a 25.5% shareholder) to tide it over until a $US10.4 million rights issue was completed. That short-term loan was required after a dispute among Richina Enterprise partners.
18 April 2003: Richina proceeds with rights issue prospectus
Attribution: Company statement, story written by Bob Dey for this website.