Patrick Smellie: Heartland Group reveals record profit and $200m capital raise
Heartland Group Holdings plans to raise $200 million in new capital off the back of a record financial result.
The listed financial firm which owns Heartland Bank and a reverse mortgage business spanning both New Zealand and Australia posted a net profit of $95.1m for the year to June 30, 2021.
That was up $8.1m on the prior financial year. On an underlying basis its net profit was $96.1m - up $8.2m on the prior year.
Heartland also revealed an equity raise made up of a $130m underwritten placement and a $70m non-underwritten share purchase plan to shareholders in New Zealand and Australia…
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