Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Investors Show Support For Cabletalk Rights Issue

Auckland, 12 July 2001 – Telecommunications network servicing company Cabletalk Group Limited (NZSE: CTG) today announced that the rights trading period for its current entitlement offer closed yesterday with 2.8 million entitlements traded at an average price of 7.4 cents.

Cabletalk Group, a New Capital Market company, is issuing 10.8m new shares in a 9 for 1 entitlement offer to existing shareholders to help fund its Key Transaction, the acquisition of Cabletalk Astute Network Services Limited (CANS). The capital raised from the rights issue will also provide additional funds for growth.

26 percent of entitlements were traded during the rights period and Cabletalk Group Chairman Ross Keenan is pleased with the level of activity and the prices for both the rights and head shares. The head shares are currently trading at a 9 cent premium on the application price of $0.50 per share.

As a result of the rights trading the company expects to have gained a further 200 shareholders.

“It appears that 74 percent of the entitlements will be taken up by existing shareholders despite the heavy 9 for 1 entitlement and this is very pleasing. Investors understand the company’s business and value the utility-like revenue streams as well as recognising Cabletalk’s growth prospects,” says Ross Keenan.

The closing date for acceptance and renunciation is 5.00pm tomorrow, 13 July, and shareholders must have their applications to BK Registry by this time.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news