MEDIA RELEASE investment – 1
11 April 2012
New Investment in ECOYA
Ecoya Limited “ECOYA” (NZX: ECO) advised today that it received an approach from investment manager, Pie Funds to invest
into ECOYA.
ECOYA has agreed with Pie Funds and existing institutional investor Milford Asset Management to invest $2 million. The
investment will be through a new share issue of $1.7 million to Pie Funds and $300,000 to Milford at a share price of 90
cents.
Pie Funds is a boutique investment manager based in Takapuna Auckland. Its Australasian Growth Fund is one of the top
performing funds in New Zealand with a return of 114 per cent since inception in 2007.
Pie Funds Managing Director Mike Taylor provided the following comment in respect to the ECOYA investment:
“Pie Funds is very pleased to join the register of ECOYA. We think the company has a bright future with a lot of upside
potential. We like to invest in small companies that have the ability to grow revenue and profits significantly. We also
like companies with dynamic CEOs such as Geoff Ross and good industry trends. Above all Pie Funds must be able to
foresee substantial share price appreciation in the future. ECOYA definitely fits the bill and on top of that both
Trilogy and ECOYA are fantastic products.”
ECOYA Chairman and CEO, Geoff Ross stated: “Whilst we are happy with ECOYA’s capital structure and current level of debt
funding we thought it useful to have Pie Funds on our register. There are opportunities for both the ECOYA and Trilogy
brands this year and this capital injection gives us greater ability to push them harder. Initially we will use the
funds to reduce debt.”
ends