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New tech Listing on secondary market

By Phil Boeyen, ShareChat Business News Editor

Saturday 29th July 2000

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New Zealand and Australia-based information technology company, Synergy International Limited, has listed on the Unlisted Securities Market.

The move follows amendments to the company's constitution to allow public ownership of its shares which have previously been available only to staff.

Synergy chief executive, David Irving, says the decision to list on the USM does not necessarily foreshadow a listing on the NZSE's main board.

"Given the public availability of shares we wanted to ensure that the process for their purchase and sale was the most appropriate available to us. The secondary market will facilitate this process for our shares."

Mr Irving says the listing follows a very successful couple of years for Synergy

According to its annual report for the March 2000 year, the company had a 33 percent increase in revenue in the period, compared to average IT industry growth of 10 percent for the last financial year.

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