Thursday 29th September 2011
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Energy Mad extended the closing date of its initial public offering until Oct. 12 after failing to reach its $5 million minimum sought by the closing date last week.
The energy efficient light bulb marketer is offering to sell shares at $1 apiece and would have up to 37.7 million quoted securities once the IPO was completed. Wellington-based advisory firm Woodward Partners is lead manager and organising participant.
The total to be sold could amount to $10 million, including shares from founders Chris Mardon and Tom Mackenzie.
Chairman Rick Ramsay said in a statement that his board “recognised there is current uncertainty in the global financial markets, particularly in the equities markets.”
He also suggested the IPO was being hampered by the impact of the new financial advisors regime in New Zealand, which “appeared to be significantly limiting the ability of brokers to make recommendations to their clients.”
“Based on funds received and projections over the next few days, it was unlikely the offer would meet the $5 million minimum subscription threshold without an extension to the offer period,” Ramsay said.
The company was in talks with a potential strategic investor and several institutional investors, he said. The Accident Compensation Corp. was a pre-IPO investor and had subscribed for “a significant number of shares under the offer,” Ramsay said.
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