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Advantage seeks more cash for growth

Friday 23rd June 2000

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Listed technology company Advantage Group will go to shareholders today asking for more money for acquisitions and share options for its executives.

The company has been on an acquisition drive for much of the year and this week purchased Netco, the country's second largest reseller of Eftpos terminals.

There has been an upheaval in the Eftpos market after ANZ Bank purchased the biggest reseller of the equipment, Eftpos New Zealand, earlier this month.

At today's meeting shareholders will be asked to approve the issue of 12 million new shares to help fund further acquisitions and upgrade the company's share option plan.

Already this month the company has issued two million new shares to AMP Asset Management for the same reason.

But chief executive Greg Cross said there would be no announcement of new acquisitions at today's meeting.

He said the resolutions concerning employees' options, if passed, would help make the company more attractive to the talent it required. This year Advantage has hired more than 80 new staff and plans to hire another 80 by the end of the year.

On Thursday morning, Advantage Group was trading down 2c at $3.12, still well off its April high of about $5.50.

- Nicholas Bryant

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