INDEPENDENT NEWS

Jade Pushes Out Ipo Plans

Published: Tue 28 Jan 2003 06:25 PM
Jade Pushes Out Ipo Plans
Christchurch, New Zealand. 28 January 2003. - Jade Software Corporation Limited announced today that it will delay its planned initial public offering (IPO) of shares on the New Zealand stock exchange.
Jade Software Corporation CEO Sir Gil Simpson said the Company would refocus on a possible IPO in late 2003 or early 2004. "Our progress towards an IPO has always been subject to prevailing equity market conditions, and those simply aren't conducive at the present time."
The market was still cautious about technology stocks, and there was some underlying nervousness about the possibility of major conflict in Iraq, said Sir Gil.
"Given this sentiment Jade Software Corporation's Board judged it unlikely that a share price would be obtained that appropriately reflected the value of the company," he said.
"We also felt that the Company's business prospects in the UK and US markets had the potential to add substantial value over the next 12 months." The focus of the Company for now was to build on the progress it had made in 2002.
"Operating in a very soft international IT market we achieved a 14% increase in gross revenue and a 31% increase in revenue based on our JADE-based product lines.
"We also substantially increased the proportion of business we do outside of New Zealand."
Sir Gil said the Company had put suitable alternative funding plans in place to continue with its expansion plans for 2003, and it had the ongoing support of investors.
He said that while the decision to delay was difficult, the disciplines of preparing for a possible IPO had still been beneficial for Jade. "It has given us the opportunity to thoroughly review our existing business processes, and it will leave us in a good position to prepare for a future IPO."

Next in Business, Science, and Tech

$1.35 Million Grant To Study Lion-like Jumping Spiders
By: University of Canterbury
Government Ends War On Farming
By: Federated Farmers
NZ Researchers Drive Work On International AI Framework
By: University of Auckland
Woolworths New Zealand Rolls Out Team Safety Cameras To All Stores As Critical Tool For De-escalating Conflict
By: Woolworths New Zealand
Environmentally Conscious Shoppers At Risk Of Being Greenwashed
By: Consumer NZ
Facing The Future: The Use Of Biometric Tech
By: Hugh Grant
View as: DESKTOP | MOBILE © Scoop Media