Straightedge Graduation To Main Board Approved
Tue, 6 Aug 2002
Stock Exchange Approves Straightedge Graduation To Main Board
Straightedge Asked To Join Main Board After It Completes Key Transaction
Auckland, 6 August 2002 - Straightedge Limited (NZSE:SRE) revealed today that it has received approval from the Stock Exchange to automatically graduate to the main board on completion of its Key Transaction and securing 500 shareholders.
Under the Stock Exchange Listing Rules (12.8.1 and 5.2.3 (a)) approval has been given for Straightedge to graduate from a New Capital Market (NCM) issuer to main board listing as soon as its Key Transaction, the acquisition of Carter Holt Harvey business unit, Straightedge Division, is settled, and the company has a register of 500 shareholders.
Marc Potter, Chairman of Straightedge Limited says the approval follows a meeting between the Stock Exchange's CEO Mark Weldon and the company's directors on Wednesday 10 July where Mr. Weldon indicated positively that Straightedge was a NCM listing he had identified for the main board.
"The NZSE approval is another sign of confidence from the market that Straightedge is on track to achieve a main board listing as well as its other goals," says Potter.
"The Board and I have had our sights on a main board listing but we're pleased that Straightedge should be identified so early on in the process as one deserving of an accelerated graduation.
"The tremendous success Straightedge Division has had recently in generating revenue and penetrating significant hardware chains for its unique DIY software design products in New Zealand, Australia and North America markets has generated a lot of interest in our current offer of shares in support of our key transaction. I believe all investors will welcome a main board listing for Straightedge and the liquidity that represents. In particular institutional investors have signalled a positive interest in this development." says Potter.
Straightedge Limited has extended the public offer of shares in the company until Friday 16 August. The minimum application is 2,000 shares at $0.50 cents each and application forms can be obtained from any member of the NZSE or organising broker Forsyth Barr Limited or downloaded along with the Notice of Meeting /prospectus from the company's page on the NCM website - http://www.ncm.co.nz/straightedge/news.