Compass Communications New Capital Market Listing
News Release 13 November 2000
Compass Communications Group Ltd announces New Capital Market listing
MONDAY 13 NOVEMBER 2000
Compass Communications Group Limited
announced that it is offering a total of 1,200,000 ordinary
Shares at $0.50 per Share to raise a total of $600,000 on
listing on the NZSE New Capital Market.
Compass says proceeds from the shares issued under the Offer will be for the eventual negotiation of potential key transactions.
The Directors have confirmed the acquisition of Compass Communications Limited as a potential Key Transaction, contingent on a vote by shareholders.
Compass Communications Limited was established in 1995 as a provider of enhanced fax services to the business market. It now operates its own nationwide telecommunications network to provide voice, fax and data services to business and residential customers throughout New Zealand.
Directors said that the new capital will be used to finance further key transactions or acquisitions and fund further developments in the technology sector.
The directors of the company include well-known New Zealand businessman John Fernyhough LLB, LLM (Hons), JD (Chicago) who is a Compass Communications Ltd Independent Director and Chairman.
Karim Hussona BSc (Hons) is the founder and Chief Executive Officer of Compass Communications Limited. He has considerable telecoms experience including Cable and Wireless Plc. in London and software development experience for Cray Research (UK) Limited and British Telecommunications Plc.
In 1998 Karim won the Ernst & Young Entrepreneur of the Year award in the New Business category.
Paul Carter, B.Com is the Chief Financial Officer for Compass Communications Limited. He was previously employed as an accountant for Cable and Wireless Plc. in London, as an accountant for Kerr McGee Oil (UK) Limited and as a financial adviser for the Ministry of Fisheries.
The closing date of offer is expected to be 24 November 2000 or earlier if full subscription is reached. Allotment date is expected to be 27 November 2000 or two working days following the closing date if the offer closes early.
Trading is expected to commence on the Exchange on 29 November 2000, or the third trading day after the closing date.
For further information, please contact:
Level 3, 6-8 Seafield View Road
(09) 359 8900