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Sealegs founder's family stake shrinks after rights issue

Wednesday 16th July 2008

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The shareholding of Sealegs Corp. founder Maurice Bryham's family trust declined after it opted not to participate in the company's 1-for-5 rights issue.

Bryham Family Trust now owns 7.2% of the company that designs and builds amphibious boats, down from 8.6% before the issue. The number of share held by the trust is unchanged at 5.6 million.

Sealegs last month issued 11.7 million shares at 25 cents apiece to raise NZ$2.9 million for its expansion. The sale fell short of its target of 13.2 million shares and the company plans to offer the stock to other investors on the same basis.

The stock last traded at 39 cents.

By Jonathan Underhill

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