By Phil Boeyen, ShareChat Business News Editor
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Friday 19th April 2002 |
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The New Capital Markets issuer has identified Carter Holt Harvey's business unit, Straightedge Division, as its proposed key transaction.
Straightedge chairman, Marc Potter, says he is delighted with the demand for shares.
"This is a positive and encouraging start for Straightedge. It indicates that the public appreciates the opportunity to be a part of a business that is established on a bricks and clicks model and builds on Kiwi ingenuity.
"It's an intuitive business model that appeals to a broad range of investors, and as one of those investors I appreciate the support shown."
Prior to the float the shell company was 75% owned by CHH and with the remainder held by Mr Potter but those shareholdings will reduce to 30% and 10% respectively
The Straightedge division at CHH has developed and obtained distribution licences for design and visualisation and other software for the wood supply, building products and DIY markets.
Mr Potter says the main focus now for the board is working through the valuation process of the key transaction to obtain the best price for shareholders.
The IPO, which has raised $600,000 from 1.2 million shares at 50 cents each, attracted 339 investors. The company will list on Monday.
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