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Fisher nets $103 million for Marlin

Wednesday 31st October 2007

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Fisher Funds has raised $103 million for its soon-to-be listed international share fund Marlin.

The company sought $70 million in its IPO but had the option to accept a further $70 million in oversubscriptions.

Fisher Funds managing director Carmel Fisher says the offer won't be scaled. Its earlier IPO, Barramundi was scaled.

Fisher says she is pleased with the amount of money raised, and that much of the money came from existing clients: "These are difficult markets and investors are being selective, but there was clear support for our long term investment approach, our focus on picking individual stocks, and the appealing nature of growth opportunities that lie outside our local markets."

Marlin will invest in smaller growth companies from around the world (not based or listed in New Zealand or Australia). It aims to homd between 30 and 40 stocks. Investors in the IPO will receive one Marlin warrant for every two Marlin shares.

The shares and warrants are expected to be listed on the NZSX tomorrow (Nov 1).

Fisher Funds has more than $680 million in its New Zealand funds and $430 million in its Australian funds.

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