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Barramundi offer overfished

Wednesday 25th October 2006

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Fisher Funds's listed Australian investment trust, Barramundi, has been significantly oversubscribed and applications are to be scaled.

The initial offering was for $50 million with the ability to accept oversubscriptions of up to $100 million. However, the offer which closed on Friday "has closed significantly oversubscribed" with applications totalling $126 million.

The strong demand for the fund has come from retail investors, including Kingfish share holders and warrant holders.

Barramundi has elected to scale applications for shares from oversubscriptions on the following basis:

Applications from Kingfish shareholders and warrant holders will be accepted in full up to 10,000 shares with the amount above 10,000 scaled by 50%;

Applications for additional shares from clients of NZX Firms and members of the public have not been allocated shares and application monies will be returned in full.

The shares and warrants are expected to be listed on the NZSX on Thursday October 26.

Barramundi will buy small to medium-sized Australian stocks with growth potential.

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