Australian Investment Fund Ipo Period Extended
June 2 2004
Australian Investment Fund Ipo Period Extended New Zealanders able to invest direct in Newcastle listing for first time
Illuminator Investment Company (IIC) is extending its offer period under the prospectus until June 10 2004, at the request of a number of prospective investors.
IIC recently announced it was to be the first company listed on the Australian-based Newcastle Stock Exchange (NSX) to register a New Zealand prospectus.
IIC has comfortably exceeded the minimum number of applications required under the prospectus. Therefore, New Zealander’s have until the close of the offer period to take up the first opportunity to invest directly in company listed on the revitalised NSX.
Steven Pritchard, Executive Chairman at IIC, is pleased with investor support and believes the subscription may interest some New Zealand investors.
“The level of support the company has received to date has been excellent, especially given the depressed state of the Australian IPO market. We believe we have a compelling package for Kiwi investors and now that it is clear that the listing will be going ahead, the extension period provides a final chance for interested parties to apply.”
“IIC will look to invest in entities we believe are undervalued and offer good dividend yield. We will look at medium to long term investment predominantly in Australian companies, trusts and interest bearing securities that we believe have merit, uncorrelated to market movements and economic trends.”
The NSX has modelled itself on the AIM and TechMARK exchanges in the United Kingdom and caters for niche markets. It targets small to medium, innovative enterprises, looking to raise capital and transact on a market that is efficient, simple and user friendly.
IIC has produced a New Zealand prospectus in accordance with the Securities Act (Australian Issuers) Exemption Notice 2002, and this can be viewed at www.illuminator.com.au. Local contacts for the fund are Direct Broking Ltd (Auckland) and Gould Steel (Wellington).