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Mooring design company to list

By Phil Boeyen, ShareChat Business News Editor

Monday 4th December 2000

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A company that produces a New Zealand-designed mooring system is the latest to seek a new capital market listing.

Mooring Systems Limited has announced that it is offering a total of 1.2 million ordinary Shares at 50 cents each, and has identified its potential key transaction as the acquisition of Mooring International Limited.

Mooring International was established in 1997 after three years of research into fixed-mooring systems. The company says it finished its first product in July 1998 with the installation of the internationally patented 'IronSailor' mooring system on board the Inter-Islander ferry 'Aratere'.

Founding director Peter Montgomery, says the NCM listing allows investors to back a New Zealand-designed product that provides unique international potential to the global shipping market.

Directors say the new capital would be used to finance R&D on the four generations of product already in the pipeline, as well as international strategic alliances with shipping owners, freight and ferry companies and shipping ports worldwide.

The offer is expected to be open until December 18th with trading beginning December 21st.

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