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Listing for Hedge Fund Patrol short and not so sweet

Monday 31st January 2005

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Hedge Fund Patrol Ltd has been delisted from the Unlisted trading platform.

Hedge Fund Patrol (HFP) said in a statement it had been advised by Unlisted that its securities could not be traded because it did not have a prospectus.

HFP shares were briefly quoted on Unlisted from January 24, before trading was suspended the next day, before any shares had changed hands.

HFP had one million shares on issue and initially hoped to raise just over $500,000.

HFP said Unlisted gave no undertaking as to whether it would consider quoting HFO securities in the future.

HFP is looking at launching a global retail fund-of-hedge-funds and said it intended offer its first fund-of-hedge-funds to Australian investors through the issue of HFP redeemable preference shares in mid-2005. Unlisted is not a registered securities exchange and is not subject to the disclosure, insider trading and oversight provisions of the Securities Act.

Eight brokers are registered to trade shares via the system, and Unlisted trades shares in 21 companies, one more than the regulated NZX Alternative Exchange (NZAX).

Earlier story: An Australian based wannabe hedge fund has appeared in New Zealand on the online share trading platform Unlisted.

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