Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search


Eastern Hi Fi lists on NZAX

14 December 2004

Eastern Hi Fi lists on NZAX

Keen institutional demand has contributed to the successful completion of an Initial Public Offering (IPO) of shares by specialist audio-visual equipment importer and retailer Eastern Hi Fi Group Limited.

Five million dollars was raised in the IPO through the issue of two million new ordinary shares at $1 and the sale of three million existing shares by interests associated with Eastern Hi Fi’s founder and managing director Steve Allbury.

Andrew McDouall, Managing Director of Lead Manager and Organising NZX Participant McDouall Stuart Securities Limited says subscribers were motivated by the Eastern Hi Fi’s potential to grow its earnings and the good dividend yield that the dividend policy ensures.

Andrew McDouall said it was pleasing that NZAX listings were continuing to attract institutional support from the professional fund management community, who he believes recognise the value that many smaller New Zealand companies offer.

Quotation and trading of Eastern Hi Fi’s ordinary shares is expected to begin on the NZAX on Wednesday 15 December 2004 following completion of the allotment procedures. Shareholders should expect to receive their shareholder statements later this week.

Interests associated with Steve Allbury will hold 48 per cent of the company with the balance held by more than 300 shareholders.

Eastern Hi Fi’s chairman Rick Bettle says he is delighted with the investor response.

“The group is on track to open three new stores next year and add several significant brands. In the last week we have acquired the New Zealand distributorship for Netstreams range of specialist products. These will take custom designed built home audio systems to a new level of sophistication.”

Netstreams is the 13th brand in the Eastern Hi Fi stable and will complement Russound and Intellinet products for the installation of home theatre and audio systems.

Eastern Hi Fi’s managing director Steve Allbury says he was impressed with Netstreams products when he saw them at a recent trade show in Indianapolis.

“We had been looking for this type of in-wall amplified key pad for a while,” he said.

“It gives much greater flexibility for multi-room audio and theatre systems to satisfy the lifestyle trend for home installation.”

Custom installation of home theatre and audio systems is one of Eastern Hi Fi’s specialist areas. It also operates six of its own branded retail outlets and is a distributor of 12 other brands of high to mid range audio and visual equipment through subsidiaries Avalon Audio and Pacific Audio.

Initially Eastern Hi Fi will import the Netstreams Musica range of digital key pads and amplifiers. These control sound in individual rooms and also allow local input from an Ipod or other device such as a laptop computer.

The agreement completed this week with Netstreams will also see the arrival of its Digilinx range of products capable of creating the computer controlled “electronic house”.

The proceeds of the successful capital raising will be used to add further brands and open new retail outlets in Palmerston North, Gisborne and an Auckland location yet to be confirmed.

For product information on Netstreams see

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>