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Vending machine float fully subscribed

By Phil Boeyen, ShareChat Business News Editor

Friday 27th October 2000

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'Smart' vending machine operator, Vending Technologies, will begin trading on the NZSE next week after its $7.5 million IPO closed fully subscribed.

The company offered $2 million existing shares and $5.5 million new shares at a price of $1.00 to fund expansion.

A spokesman for organising broker Craig and Co says there was no public pool for the float as all shares were taken up via firm allocations through various brokers around the country.

VTL's food and drink vending machines can sell hot and cold products out of the same machine, and are fitted with proprietary software enable remote monitoring of how well the machine is working and what products are selling best.

The company operated 419 vending machines at the end of the financial year ended 31 March 2000, and plans to have more than 4700 machines operational in Australia and New Zealand within 18 months.

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