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Cash Issue a Major Success

Cash Issue a Major Success

ABS Canterbury has successfully completed its renounceable cash issue for 1.5 million new shares at an issue price of $2.60 per share.

“We received applications for over 95% of the issue, with a strong demand by investors for under-subscriptions,” said Mr Graham Kennedy, chairman of Ashburton Building Society, trading as ABS Canterbury.

“The total offer was over-subscribed by more than 28% and applications for under-subscriptions were scaled down considerably.”

“Not only has the cash issue been an overwhelming success but the share price of ABS Canterbury has remained very firm on the higher capital.”

Mr Kennedy says ABS Canterbury is continuing to enjoy strong demand for financial services and he advised that revenue and profitability for the first six months of the current year are in line with forecast.

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