Sharechat Logo

Feverpitch offering oversubscribed

By Phil Boeyen, ShareChat Business News Editor

Wednesday 12th December 2001

Text too small?
Wagering company Feverpitch International (NZSE: FVR) expects to start trading as a New Capital Markets company on Friday after its initial public offering was oversubscribed by 40%.

The company says at the close of business on Tuesday it had received total subscriptions of around $850,000, with further subscriptions expected to arrive over the next couple of days. The company had been seeking $600,000.

Feverpitch is already planning to make a subsequent public offering of 500,000 shares, equal to 25% of issued shares, after the company lists.

Chairman, Richard Waddel says he is delighted with the outcome of the IPO and encouraged by shareholder interest and support.

"This demonstrates a strong commitment by the New Zealand capital market to supporting such enterprising and outstanding young entrepreneurs as Derek Handley.

"The board is equally committed to ensuring this very worthwhile project has every chance of success and provides substantial rewards to founding shareholders."

The company says agreement on the terms and conditions of the key transaction has been reached and a shareholders meeting is slated for January 23, 2002.

Feverpitch International plans to offer an online gambling system where people bet against each other and can set their own odds. The business will earn a commission on transactions.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.