Intaz misses capital target

By Phil Boeyen, ShareChat Business News Editor

Wednesday 24th April 2002

Health and safety software company Intaz (ITZ) will defer the roll out of its UK business plan after raising just over half of its $10 million target.

The company closed its public issue last Friday and says it has raised $5.3 million and allotted 5.478 million new shares.

"Although the issue had sought up to $10 million and beyond, results of the capital raising were at the bottom of the target range identified by the company," the directors say

Chairman Mark Taylor says that given the level of the capital raised the company will defer the planned roll out of the current United Kingdom business plan until such a time as capital resources permit and focus on further development of its New Zealand and Australian markets.

Mr Taylor says the initial issue phase had been relatively successful, but the decision to extend the issue had been based on a number of indications of interest, which subsequently didn't eventuate in time for the extended issue deadline.

"During the course of the public offer the sales pipeline has continued to show strong growth, particularly in Australia, and has considerably raised the profile of the company with customers, partners and potential investors. Discussions with a number of parties have commenced which may further the objectives of Intaz Limited."

The company's shares began trading on the Unlisted Securities Market today.

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