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.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO: