Vending Technologies Lists on NZSE
AUCKLAND, 1 November 2000 – Shares in ‘smart’ vending machine operator, Vending Technologies Ltd (NZSE:VTL), listed on the New Zealand Stock Exchange this morning.
Company Chairman Richard Janes said strong support from retail investors had resulted in the offer of 7.5m ordinary shares being significantly oversubscribed.
“At a time when the market is otherwise flat, the response to the offer was particularly pleasing,” Mr Janes said.
VTL offered $2m worth of existing shares and $5.5m new shares at an issue price of $1.00. At the time the offer closed VTL was capitalised at $29.5m fully paid shares.
“The funds raised are for continued expansion both here and in Australia, where we have won significant business. The company is well placed within a particularly fast-growing sector, we are confident of meeting our targets,” Mr Janes said.
Craig & Co Ltd was the Lead Broker to the Offer.
With Mr Janes, the Company’s other Board members are its two founding executives, John Hotchin and Merv Doolan, and independent director, Liz Coutts, who is also a director of Air New Zealand, Earthquake Commission, Health Funding Authority, Worley Group and a number of other companies.
VTL’s intelligent food and drink vending machines have the ability to sell hot and cold products out of the same machine, and are fitted with proprietary software that enables remote monitoring of machine and merchandising performance.
The Company operated 419 vending machines at the close of the financial year ended 31 March 2000, and plans to have more than 4700 machines operational in Australia and New Zealand within 18 months.
About Vending Technologies Limited
Vending Technologies Limited (VTL) supplies and operates electronically enhanced food and beverage vending machines throughout Australasia. Established in December 1997, the Company manufactures, sells, maintains and services vending machines.
The company has developed a proprietary computerised management system to enable tracking of all transactions, with complete revenue accountability and the ability to monitor the performance of each machine from remote locations.
VTL has a network of long-term alliances with leading suppliers of major branded convenience food and beverages.