Forum Archive Index - July 2002

["David Pearce" <davidpearce@xtra.co.nz>]

I WOULD SAY THAT IF SHEPPARD REALY NEW WHAT HE WAS ON ABOUT THAT HE WOULD NOT HOLD BEHIND

HIS HAT

 

ITC
30/07/2002
GEN

REL: 0825 HRS IT Capital Limited

GEN: ITC: ITC Considering Options

IT Capital has announced today that it will not be able to complete its
proposed $3.7m capital raising by way of share placements approved at last
week's annual general meeting.

Although shareholders voted almost unanimously in favour of the proposed
plans, a campaign run by the Chairman of the NZ Shareholders Association Mr
Bruce Sheppard to derail the new strategy, has scared off a number of the
investors who had committed to the placements.

Amendments to the resolutions passed at the AGM may offer the company a
possible way forward. Under the amended resolutions, shareholders have given
the board the flexibility to issue fewer shares with a corresponding
reduction in new capital.

The board is currently reviewing its options and expects to make a further
announcement within the next 5 days.
End CA:00080747 For:ITC Type:GEN Time:2002-07-30:08:25:30 Encrypt:Y

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