Compass Communications New Capital Market Listing
News Release 13 November 2000
Compass Communications Group Ltd announces New Capital Market listing
MONDAY 13
NOVEMBER 2000
Compass Communications Group Limited
announced that it is offering a total of 1,200,000 ordinary
Shares at $0.50 per Share to raise a total of $600,000 on
listing on the NZSE New Capital Market.
Compass says
proceeds from the shares issued under the Offer will be for
the eventual negotiation of potential key
transactions.
The Directors have confirmed the
acquisition of Compass Communications Limited as a potential
Key Transaction, contingent on a vote by
shareholders.
Compass Communications Limited was
established in 1995 as a provider of enhanced fax services
to the business market. It now operates its own nationwide
telecommunications network to provide voice, fax and data
services to business and residential customers throughout
New Zealand.
Directors said that the new capital will be
used to finance further key transactions or acquisitions and
fund further developments in the technology sector.
The
directors of the company include well-known New Zealand
businessman John Fernyhough LLB, LLM (Hons), JD (Chicago)
who is a Compass Communications Ltd Independent Director and
Chairman.
Karim Hussona BSc (Hons) is the founder and
Chief Executive Officer of Compass Communications Limited.
He has considerable telecoms experience including Cable and
Wireless Plc. in London and software development experience
for Cray Research (UK) Limited and British
Telecommunications Plc.
In 1998 Karim won the Ernst &
Young Entrepreneur of the Year award in the New Business
category.
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Paul Carter, B.Com is the Chief
Financial Officer for Compass Communications Limited. He
was previously employed as an accountant for Cable and
Wireless Plc. in London, as an accountant for Kerr McGee Oil
(UK) Limited and as a financial adviser for the Ministry of
Fisheries.
The closing date of offer is expected to be 24
November 2000 or earlier if full subscription is reached.
Allotment date is expected to be 27 November 2000 or two
working days following the closing date if the offer closes
early.
Trading is expected to commence on the Exchange on
29 November 2000, or the third trading day after the closing
date.
For further information, please contact:
Karim
Hussona
Compass Communications
Level 3, 6-8 Seafield
View Road
Grafton
Auckland
(09) 359
8900