Vulcan Steel launches entitlement offer for Roofing Industries acquisition

Vulcan Steel Limited initiated a retail entitlement offer on August 29, 2025, to fund the acquisition of Roofing Industries Limited for NZ$88 million. This equity raising of approximately A$87.1 million (NZ$96.3 million) follows the successful completion of the institutional component on August 27, 2025, which raised approximately A$59.4 million.

Eligible retail shareholders can subscribe for 1 new share for every 9 existing shares at an offer price of A$5.95 (or NZ$6.60), representing a 9.0% discount to the theoretical ex-rights price (TERP) of A$6.53 and a 9.8% discount to Vulcan’s last closing share price on ASX of A$6.60 as of August 25, 2025.

The retail entitlement offer opens on September 2, 22025, and closes on September 11, 2025, with new shares expected to be allotted and commence trading on September 22, 2025. The acquisition of Roofing Industries will enhance Vulcan's product and service offerings, adding 15 locations and over 250 staff to its operations. The transaction is expected to be earnings per share accretive on a FY25 basis and is anticipated to complete in the second quarter of FY26, subject to various conditions.

The retail entitlement offer booklet, containing important information and key risks, has been dispatched to eligible shareholders. Proceeds exceeding the offer price from any retail shortfall bookbuild will be paid pro-rata to shareholders who do not take up their full entitlement and to ineligible shareholders.