INDEPENDENT NEWS

Straightedge Announces Close Of Offer

Published: Mon 9 Sep 2002 11:29 AM
FOR IMMEDIATE RELEASE
STRAIGHTEDGE ANNOUNCES CLOSE OF OFFER
Straightedge Board Ends Offer And Announces Refunds To Investors And Current Shareholders
Auckland, 6 September - Straightedge Limited (NZSE:SRE) announced today that it has closed its Subsequent Public Offer (SPO) and will refund subscribers all monies received.
Marc Potter, Chairman of Straightedge Limited says the Board resolved that closing the offer and fully refunding everyone who had subscribed for shares in the SPO was in the best interests of investors and the company.
"The Board decided that stopping the offer and refunding investors with their monies was the most responsible and appropriate thing to do at this point in time," says Potter.
"The Board reassessed that the current funding committed would not be enough combined with a slower than anticipated ramp up of sales to fund the business over the next 12-18 months."
"Accordingly, the Straightedge Board decided that the most prudent course of action was to stop the offer now in order to protect investors' funds."
"Moreover Carter Holt Harvey has committed to ensuring that current shareholders will receive back the original issue price of their shares. The Straightedge Board is working with Carter Holt Harvey to find the best and quickest means of doing this, which we will announce in the next seven days," says Potter.
"This announcement to current shareholders will detail how and when they can expect to receive money in proportion to shares currently held at the original subscription price of those shares."
ENDS

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