Fisher Funds to launch listed investment fund

Thursday 29th January 2004

A new investment company Kingfish Limited is intending to make an offer of up to 75 million ordinary shares to the public priced at $1 per share. The offer will be open for subscription by members of the public, clients of NZX Firms and institutional investors. Kingfish intends to list its shares on the main board of the New Zealand Stock Exchange.

Kingfish has been established to provide investors with access to a diversified portfolio of both listed and unlisted small New Zealand companies. The proceeds of the offer will be invested and subsequently managed by Fisher Funds Management Limited.

The offer will be structured as $50 million with provision for oversubscriptions of $25 million. A priority pool of at least $5 million will be established for subscription by existing clients of the manager, Fisher Funds Management Limited.

Each share will also have an option attached giving the option holder the right to subscribe for an additional share at a future date at $1 per share. Final terms of the options have yet to be confirmed.

Kingfish expects to launch its offer on or about February 28.

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