eVentures New Zealand shares a hit with investors

For immediate release
5 May 2000

eVentures New Zealand shares a hit with investors

Craig Heatley, Chairman of eVentures New Zealand Limited, announced today that the allocation of shares under eVentures New Zealand's initial public offering of shares has been successfully completed.

The offer was successful in meeting its objective of raising NZ$30 million for eVentures New Zealand, achieving a significant spread of approximately 1200 shareholders. The eVentures New Zealand shares have been allocated at the offer price of 60 cents per share and will list under the symbol EVZ on Tuesday 9 May.

Heavy demand for shares from investors meant that the offer was significantly oversubscribed, closing three days early on 1 May. As a result some applications have been subject to scaling, under the terms set out in the investment statement and prospectus.

Clark Perkins, chief executive of J.B. Were & Son (NZ) Ltd (the lead manager and organising broker for the offer) said the strong demand also meant some applicants were unsuccessful in obtaining shares. Unsuccessful or scaled applicants will receive confirmation of their position prior to eVentures' listing on 9 May.

Mr Heatley said he was delighted with the enthusiastic reception from New Zealand investors for the share offer.

"Investors have clearly demonstrated their confidence in eVentures' ability to establish a leading internet presence in New Zealand," Mr Heatley said.

ENDS

For further information contact: Craig Heatley, Chairman eVentures New Zealand Limited 09-358-4103

Clark Perkins, Chief Executive JB Were & Son (NZ) Limited 09-357-3200

Communications Contact: Rachel Catanach 04-499-9111, 025 322 784 rachel@svl.co.nz

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