The New Zealand-based provider, which has sought to raise NZ$902 million to clear a USPP loan, has confirmed it is being investigated by NZ RegCo, which governs the New Zealand Stock Exchange regulatory functions.
“Ryman received a request from NZ RegCo for information about its historical disclosures relating to its USPP facilities and about its financial covenants,” Ryman said in a statement.
“Ryman will respond to the request and co-operate fully with NZ RegCo. Ryman also confirms that it is in compliance with its continuous disclosure obligations.”
Over the past seven years, Ryman has embarked on an aggressive retirement village expansion strategy in New Zealand and Australia which has seen it invest $3.9 billion in new land and construction, peaking in 2021 at around $670 million against operating revenue cash flows of around $180 million a year.
Debt is now at 45% with the raising intended to reduce this figure to ‘a more comfortable’ 34%.
Ryman Australia’s construction program is not impacted by the situation in New Zealand.
