Sharechat Logo

Submarine Adventures to look for more cash

Friday 14th July 2000

Text too small?

A further capital raising for Dunedin-based Submarine Adventures is likely to be announced in the next fortnight as the company moves closer to setting up ventures at Milford Sound and Lake Wakatipu.

Ninety-five investors put up almost $2 million in Submarine Adventures in a capital raising organised by Wellington stockbroker Reuhman & Co late last year. The company trades on the Stock Exchange's unlisted securities market.

Submarine Adventures managing director Philip Mladenov has been negotiating with Ngai Tahu, which has tourism and property interests in Queenstown, to use a wharf that is about to be redeveloped. Ngai Tahu is also tipped as a likely equity partner, although Mr Mladenov said there were no plans afoot yet.

The Lake Wakatipu submarine will be a nine-passenger cruiser capable of travelling at eight knots and will explore five sunken wrecks and other features. Dr Mladenov said Lake Wakatipu is one of the deepest lakes in the world with steep sides, and plenty of fish life.

Earlier this year Submarine Adventures bought a five-person submarine, an American-built XPC 1501 to use in its Milford Sound operation.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  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.

Related News:

NZ dollar eases as market eyes pending GDP data
Evolve shareholders demand answers
Strong tourism, low rates keep lid on NZ current account deficit
Refining NZ margins jump to 18-month high
Goodman opts for underwritten $150m placement to raise capital
Kathmandu shares rise 9.3% on strong FY result, solid US performance
FMA seeks greater powers from the government
Goodman opts for underwritten $150m placement to raise capital
NZ dollar opens higher as dairy prices lift, oil eases
Napster's Sean Parker yet to seek OIO approval for Weta Digital stake

IRG See IRG research reports