National Mail shares highly sought after

Joint statement from Ellis Capital Ltd and National Mail New Zealand Ltd

Media Statement
For immediate release 17 March 2000

National Mail shares highly sought after

Shares in postal services and communications company, National Mail New Zealand Limited, have been snapped up by eager investors.

The company was offering 11.2 million shares at $1.25 per share in an offer to raise $14 million. The offer closed at 5:00 pm today. Lead manager to the issue, Sandy Ellis, of Ellis Capital Limited, said the offer had been fully subscribed.

“I am delighted with the way the market has received this float, recognising that National Mail crosses the boundary between the old and new economies. The postal industry is one which, in a global sense, we will hear a lot more about as companies throughout the world position for deregulation.

“Demand for the shares was intense, particularly from institutional investors. While the majority of the interest came from New Zealand investors, the offer attracted the attention of three offshore institutions.

“We could have sold the entire issue at least three times over and I am now predicting significant interest in the shares once the company lists on the New Zealand Stock Exchange on Thursday,” Mr Ellis said.

The Chairman of National Mail, Richard Flower, said he was also very pleased with the high interest in the company’s shares.

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“It demonstrates that the investment community recognises the huge potential for development in the postal and communications market, and the ability of National Mail to capitalise on that potential,” Mr Flower said.

“With the capital raised from the share offer, we are well placed to expand our operation nationwide and continue to develop our programme of integrating physical mail and electronic communications systems.

“Our goal has always been to redefine the business of mail and I am delighted that we now have the capital backing to let us achieve that.”

National Mail is an Auckland-based registered postal operator specialising in communications between businesses and their customers.

ENDS

For further information, please contact:

Sandy Ellis
Ellis Capital Limited
Tel: 09 379 1614
021 451 458 Richard Flower
Chairman, National Mail
Tel: 09 307 9066

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