By Phil Boeyen, ShareChat Business News Editor
Wednesday 29th November 2000
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Compass Communications Group (NZSE: CCG) listed this morning and has been trading on par with its issue price of 50 cents. The listed group's key transaction is to purchase Compass Communications Ltd, which owns and operates a national and international telecoms network providing voice, fax and data services.
The key transaction is due to take place early next year.
Shares in Auckland-based beauty clinic business Caci (NZSE: CGL) also had a less than spectacular debut this week, trading this morning just below their 50-cent issue price.
Caci's key transaction is to acquire Micromode Medical, which is the franchisor of 16 Caci Clinics throughout New Zealand. The clinics provide a range of appearance medicine and beauty treatments including laser hair removal, laser tattoo removal and collagen injections.
Another newcomer to the market is Cabletalk (NZSE: CTG) which listed last week at double the issue price although it has drifted back in trading to around 65 cents. Cabletalk plans to purchase a group of four businesses that provide telecommunications services such as the repair and maintenance of lines, cables, fibre optics and cell and microwave links.
The three November listings bring to nine the total number of companies who have used the New Capital Market concept to raise funds since its inception in March. The NZSE says the market provides a relatively easy and low cost path for business people with enterprising ideas to raise between $400,000 and $600,000 in ordinary share capital.
Another float on the market is currently underway for a company called Finzsoft Solutions, which will look to buy all or a controlling stake in Auckland-based software developer, Systems Support.
Systems Support was formed in 1986 and develops and implements the Sovereign finance and banking software that supports lending and deposit activities for finance companies, building societies and small banks. The Sovereign product is used by 16 New Zealand finance companies.
The Finzsoft offer is open until December 15th.
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