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Salvus Shares Start Trading On NZSX
Salvus Shares Start Trading On NZSX
8 July 2004
Specialist investment company Salvus Strategic Investments Limited made its debut on the NZSX today having raised a total of $20.1 million.
For every $1 share purchased in the IPO, shareholders also received one option to buy an additional share at $1 in March 2007 or 2008.
Salvus will invest in a diversified portfolio of both listed and unlisted small New Zealand companies. Having already done extensive due diligence, the company expects to begin making investments shortly.
Independent Director Roger Armstrong commented: “Salvus has achieved its mission of successfully listing its investment company on the New Zealand Exchange. This is a phenomenal achievement for the team at Salvus who were unknown in New Zealand before this process began - although that is clearly not the case now.”
Andrew Couch, Managing Director of Salvus Asset Management, said: “We are delighted to be a part of the exciting future for the smaller company market in New Zealand, which we expect to undergo rapid development over the next years. The process of building the portfolio is already underway by the Salvus team.
“The closed-end structure will enable Salvus to become a long-term and supportive shareholder to New Zealand small companies. In addition, we intend to encourage high standards of corporate governance and contribute to the general debate on this important subject.
“The Salvus Asset Management team looks forward to rewarding the confidence shown by new Salvus Strategic Investments shareholders through the disciplined application of its investment style and process.”
Salvus has a large institutional shareholder base with an estimated 36% of shares outstanding held by institutions in New Zealand and the UK. “This is unusual feature for a listed investment company and a hallmark of the high quality of the Salvus offering,” Mr Couch said.
Forsyth Barr and Direct Broking were the joint lead managers of the successful IPO.
The listing follows the successful initial public offer which was completed on Friday 2 July 2004.
ENDS
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