Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Barramundi Offer Closes Oversubscribed


Media Release
Barramundi Limited
25th October 2006


Barramundi Offer Closes Oversubscribed

The initial public offering (IPO) by Barramundi Limited to raise up to $100 million has closed significantly oversubscribed following strong demand from retail investors, including Kingfish share holders and warrant holders.

Barramundi Limited (“Barramundi”) is an investment company managed by Fisher Funds Management Limited that has been established to invest in smaller, growing Australian companies. Barramundi shares (and associated warrants) issued under the offer will be listed on the NZSX.

Barramundi received applications totalling $126 million, for an offer of up to $100 million. As a consequence of heavy demand in the offer, Barramundi has elected to scale applications for shares from oversubscriptions on the following basis:

o applications from Kingfish shareholders and warrant holders will be accepted in full up to 10,000 shares with the amount above 10,000 scaled by 50%;
o applications for additional shares from clients of NZX Firms and members of the public have not been allocated shares and application monies will be returned in full.

The shares and warrants are expected to be listed on the NZSX on Thursday 26th October with trading commencing from 11.00am*.

Fisher Funds Managing Director and Barramundi Director, Carmel Fisher, said “We are extremely pleased with the interest shown in the Barramundi offer. This is a real endorsement of our investment approach, which focuses on picking Australian stocks with growth potential, and our successful track record in New Zealand and Australia”.

Neil Craig, Executive Chairman of ABN AMRO Craigs, Lead Manager to the IPO, said the offer proved extremely successful. “The level of investor demand was very high from all areas of the market - NZX Firms, members of the public and current Kingfish holders. For an IPO of an investment fund to be oversubscribed by 26% shows tremendous support for Fisher Funds and the Barramundi offer”.

The offer involved the issue of 100 million new shares at $1.00 per share and successful applicants receive one warrant for every two shares allotted. ABN AMRO Craigs has been the Lead Manager to the IPO and Organising Participant to the listing.

• Application has been made to New Zealand Exchange Limited (NZX) for permission to list the shares and warrants on NZSX. However, NZX accepts no responsibility for any reference to listing in this statement.


Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>