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Ecoya IPO Raises $10.1 Million Shares list

Press Release – Ecoya Ltd

The Ecoya IPO offer has closed fully subscribed just above the target level at $10.1 million. Ecoya IPO Raises $10.1 Million Shares list on Monday

The Ecoya IPO offer has closed fully subscribed just above the target level at $10.1 million.

Ecoya Limited (NZX: ECO) is the first IPO and listing on the NZSX market in 2010. Trading in shares and warrants is expected to begin on Monday (May 3, 2010).

Applications by New Zealand institutions, international investors, the Australian and New Zealand public and former 42 Below shareholders amount to around $7.2 million which includes an additional $100,000 investment from interests associated with independent director Rob Fyfe.

The balance of the shares of around $2.9 million have been subscribed for by The Business Bakery LLP (The Bakery).

The Bakery, the investment vehicle of former 42 Below entrepreneurs Geoff Ross, Grant Baker and Stephen Sinclair, indicated in Ecoya’s March prospectus it would partially underwrite the offer.

Upon listing there will be 43.1 million Ecoya shares on issue and The Bakery’s shareholding will be around 65 per cent.

All The Bakery’s shares (including those subscribed for in the IPO) are subject to lock-up arrangements until release of Ecoya’s 31 March 2011 results on the terms set out in the restricted Security Deed dated 25 March 2010.

Ecoya executive chairman Geoff Ross says the additional investment by The Bakery confirms his and his colleague’s commitment to and confidence in Ecoya’s international growth plans.

“We welcome and thank all our new Ecoya shareholders. It’s the first IPO on the NZSX market in around six months. We have a spread of shareholders throughout New Zealand, and a few from Australia and selected US investors.”

“It’s exciting times as we enter significant global markets and we look forward to executing Ecoya’s international growth plan with the new funding in place.”

All investors who have subscribed for Ecoya shares are also granted two warrants for every four shares allotted. The warrants are exercisable in two equal tranches – one at any time before a final exercise date of 15 December 2011 and the other before a final exercise date of 15 June 2013.

The warrants will both trade separately on the NZSX market under the symbols “ECOWA” and “ECOWB”. The ordinary shares will trade under the symbol “ECO”.

Allotment notices are being mailed to share and warrant holders from today (Friday April 30, 2010). FASTER statements will be mailed no later than Friday, 7 May 2010.


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