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Scales Signals Intention to List

Scales Signals Intention to List

The directors of Christchurch-based Scales Corporation have announced the company is considering an initial public offering and a listing on the NZX Main Board.

Scales is currently 84 per cent owned by private equity investor Direct Capital, through its Direct Capital IV and Pohutukawa II funds along with co-investment partners New Zealand Superannuation Fund and ACC, with the balance held by senior management team members and some 400 external investors.

The proposed offer will comprise the sale of existing shares, to the extent any of these shareholders elect to sell the shares which they currently hold, and the issue of new shares by the company. Direct Capital intends to sell down a portion of its current shareholding in Scales, but is looking to retain a cornerstone shareholding.

A prospectus is expected to be available in mid-June and the company expects the shares to be quoted on the NZX Main Board in late July.

Preliminary indications of interest may be registered by contacting one of the Joint Lead Managers for the offer, Deutsche Craig and First NZ Capital, or an authorised financial adviser. Contact information for the Joint Lead Managers is as follows:

Deutsche Craigs 0800 226 263 First NZ Capital 0800 320 200.

No indications of interest will involve an obligation or commitment of any kind. No money is currently being sought and no applications for securities will be accepted or money received unless the subscriber has received an investment statement.

NOTE: It is intended that an application will be made to NZX Limited for permission to list Scales and to quote its shares on the NZX Main Board. However, NZX accepts no responsibility for any statement in this announcement. The NZX Main Board is a registered market operated by NZX Limited, which is a registered exchange, regulated under the Securities Markets Act 1988.

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