Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ Funds Takes 6.5% Stake in Advantage Auckland

FOR IMMEDIATE RELEASE

New Zealand Funds Takes 6.5% Stake in Advantage Auckland -

Thursday, 8 July 1999 - Advantage Group Limited (NZSE: ADV) today announced that New Zealand Funds Management Ltd has acquired approximately 2.79 million shares in Advantage Group Limited, taking its total investment in Advantage to approximately 6.5%.

The transactions, completed separately over the past few days, include a parcel of 1.45 million shares formerly held by Romney (No 11) Limited, a subsidiary of Rangatira Limited, together with a parcel of 1.172 million shares formerly held by Advantage director Nick Gordon. Mr Gordon retains a significant investment in Advantage through his holding in Wiltshire Technology Holdings Ltd, a company majority owned by Advantage Chairman, Evan Christian. Mr Gordon will use the capital released by this transaction to fund a $2.52 million acquisition of 1.5 million at $1.68 per share in Pacific Retail Group. Mr Gordon remains a Director of both Advantage Group and Pacific Retail Group and is actively involved in the development of joint initiatives involving the two companies.

"We like the strategic direction Advantage is taking, especially its vision of becoming a leader in the embryonic listed technology sector," said New Zealand Funds Equities Manager, Tim Mitchell. "The [technology] sector is a key part of our investment focus. "Successful implementation in this space relies heavily on attracting and retaining good people. We believe Advantage has the right formula here. They have a pool of intellectual property in software design, and the focus to be a first mover in business-to-business e-commerce and certain consumer-to-business e-commerce initiatives, leveraging off a now profitable core business.

"The field of e-commerce is growing rapidly worldwide. The success of Advantage will be an important step in encouraging further local investment. New Zealand's economic future will increasingly rely on such companies. I hope to find more such opportunities," said Mr Mitchell.

"We welcome further institutional investor interest in the company," Mr Christian said today. "The investments endorse our confidence in the company's growth prospects within the e-commerce sector." "E-commerce now represents over 60% of Advantage's revenues and is tagged as the foundation for the company's future growth," says Advantage CEO Greg Cross. "We are assisting companies to move their bricks and mortar business on line and to develop innovative new web-centric business models. E-commerce is the fastest growing commercial sector worldwide and Advantage is one of the few listed New Zealand companies structured to participate in it."

Recently Advantage announced that Royal & SunAlliance has taken a $6.6 million stake in the company, taking its holding to 9.28%. Advantage has tagged this capital for e-commerce acquisitions and initiatives. This announcement follows other recent announcements enhancing Advantage Group's capabilities. In May it agreed to acquire the major business interests of Computer Enhancements, New Zealand's leading supplier of barcode-based scanning and portable data acquisition solutions. In early June it acquired the interests of PEC Retail Solutions, a supplier of world-leading retail automation software solutions to the global oil industry. A shareholders' meeting will be held tomorrow, 9 July, at Advantage's Auckland offices to confirm these acquisitions.

Company Background

Advantage Group Limited, an NZSE listed company, is a leading supplier of advanced electronic commerce and transaction processing solutions in the retail, oil, banking, health and hospitality sectors in New Zealand, Australia and throughout the southern hemisphere. It provides the hardware, software, transaction processing and funds transfer capabilities to enable complete e-commerce solutions. ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO:

Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>

ALSO:

Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>

ALSO: