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Baycorp confirms Aussie share placement

By Phil Boeyen, ShareChat Business News Editor

Thursday 5th October 2000

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Baycorp has confirmed it has placed 4.6 million new shares with Australian institutional investors, most of whom already hold Baycorp stock.

The new shares increase the number of Baycorp shares on issue from 79,604,930 to 84,204,930.

BCH says the money raised will be used for a number of regional growth initiatives, and will also help pay for its recent purchase of a 9.9% stake in its Australian joint venture partner, Data Advantage.

Chairman, Rosanne Meo, says her company is delighted by the strength of the interest in Baycorp demonstrated by leading regional investors.

"The company has significant growth opportunities available to it and raising equity capital at this time is expected to have a positive impact on the earnings per share. In addition, the capital raising also favourably positions Baycorp to further utilise its balance sheet to maintain its growth strategy."

The shares were placed at $11.86. Baycorp shares were down 25 cents in early trading on Thursday at $11.40.

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