Synergy Lists On Secondary Board
NEWS RELEASE JULY 27, 2000
SYNERGY LISTS ON SECONDARY BOARD
New Zealand and Australia-based information technology company, Synergy International Limited, has listed on the Unlisted Securities Market (USM) of the New Zealand Stock Exchange.
The move follows amendments to the company’s constitution to allow public ownership of its shares which have previously been available only to staff.
Synergy chief executive, David Irving, says the decision to list on the USM does not necessarily foreshadow a listing on the NZSE’s main board.
“Given the public availability of shares we wanted to ensure that the process for their purchase and sale was the most appropriate available to us. The secondary market will facilitate this process for our shares.”
Mr Irving said the listing followed a very successful couple of years for Synergy. According to its annual report for the March 2000 year, the company enjoyed a 33 percent increase in revenue in the period, compared to average IT industry growth of 10 percent for the last financial year.
Mr Irving said a recent survey by research house IDC forecasts significant IT sector growth in the next two years, particularly in e-commerce, Extranets and Intranets.
“According to IDC, more than 40 percent of organisations in New Zealand and Australia plan to outsource most, if not all, of their systems technology support, application maintenance and application development.
“The investments we have made in internal processes in the last 12 months have provided us with a strong platform to take advantage of the growth we expect to see in the IT sector.”
Issued on behalf of Synergy International Limited by Sigma Group (Wellington) Limited (Daniel Paul), tel. (04) 472-8961.
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