Vending Technologies IPO Recieves Strong Suppor
FOR IMMEDIATE RELEASE
Vending Technologies IPO Closes After Strong Support
AUCKLAND, 27 October 2000 – ‘Smart’ vending machine operator, Vending Technologies Ltd (VTL), confirmed that its $7.5m initial public share offer closed today.
VTL offered $2m existing shares and $5.5m new shares at a price of $1.00 to fund a programme of rapid expansion.
The issue enjoyed very strong support from retail investors, and the company was particularly pleased with the smooth uptake of shares in an otherwise difficult market.
The issue was fully subscribed.
Shareholder allotments will be made on Tuesday, 31 October.
Trading on the New Zealand Stock Exchange (NZSE) will commence on Wednesday, November 1st under the code VTL.
Craig & Co Ltd was the Lead Broker to the Offer.
VTL’s intelligent food and drink vending machines have the ability to sell hot and cold products out of the same machine, and are fitted with proprietary software that enables remote monitoring of machine and merchandising performance.
The Company operated 419 vending machines at the end of the financial year ended 31 March 2000, and plans to have more than 4700 machines operational in Australia and New Zealand within 18 months.
About Vending Technologies Limited
Vending Technologies Limited (VTL) supplies and operates electronically enhanced food and beverage vending machines throughout Australasia. Established in December 1997, the Company manufactures, sells, maintains and services vending machines.
The company has developed a proprietary
computerised management system to enable tracking of all
transactions, with complete revenue accountability and the
ability to monitor the performance of each machine from
VTL has a network of long-term alliances with leading suppliers of major branded convenience food and beverages.
Chairman, Vending Technologies Limited.
025 577 090
Botica Conroy & Associates
(09) 303 3862; mob: 021 403 505