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IPO Closes Fully Subscribed.

IPO Closes Fully Subscribed.

Strong demand and investor enthusiasm for the finance sector is evident with the closing of the Dominion Finance Holdings issue on Friday 9th July 2004.

Andrew McDouall, Managing Director of Lead Manager and Organising Participant McDouall Stuart Securities Limited, says the demand for firm allocations from NZX firms, interest from institutions, Dominion Finance Group debenture holders and the investing public exceeded the shares on offer.

“We had well in excess of $20 million, for the $15 million being raised,” he said.

The firm allocation process undertaken a few weeks ago, saw almost all NZX Firms scaled on their requests. In addition it has been necessary to scale interest from the investing public, which McDouall Stuart Securities had attempted to accommodate within its allocation.

The ordinary shares of Dominion Finance Holdings Limited have been accepted for listing by the New Zealand Stock Exchange Limited and will quoted upon completion of the allotment procedure.

Quotation and trading is expected to begin on Wednesday 14 July 2004 following completion of the allotment procedures and shareholders should expect to receive their shareholder statements later this week.

Dominion Finance’s Chairman Rick Bettle says he is delighted to welcome the 930 new shareholders to the Company.

“It is gratifying to see that there is such a keen interest in the future of the Company.”

“We look forward to their support along with the ongoing backing from our loyal debenture holders for the promise we see in this business.”

The new shareholders will have a combined stake of approximately 28 per cent in the Company, with the interests of Terry and Ann Butler retaining the balance of the shares.

NZX accepts no responsibility for any statement in this announcement.

© Scoop Media

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