Advantage Group Limited (NZSE: ADV) today announced that it has agreed to place 2.6 million ordinary shares with leading
blue-chip financial institutions at a price of $2.50 per share for a total of $6.5 million.
The placement, to be transacted at prevailing market prices, is a further indication of institutional support for
Advantage’s e-commerce strategy.
“We welcome institutional interest in Advantage,” says Chairman Evan Christian. “The feedback we have received from
institutions since they joined the register is that they endorse Advantage’s vision, management capabilities and early
entry to and expertise in the rapidly growing category of business-to-business e-commerce. They have indicated that they
have considerable confidence in the company’s long-term growth prospects.”
“This placement has been tagged for expanding Advantage’s e-commerce growth strategy to ensure Advantage retains
leadership in the business-to-business e-commerce space,” says Advantage CEO Greg Cross. “E-commerce now represents over
60% of Advantage’s revenues and will be the foundation for the company’s future growth. It’s the fastest growing
commercial sector worldwide - Goldman Sachs reports that they anticipate business-to-business e-commerce will reach $1.5
trillion by 2004 and that companies such as Advantage involved in building e-commerce infrastructure are best positioned
to benefit from this growth. Advantage is one of the few listed New Zealand companies structured to participate in it.”
Company Background
Advantage Group Limited, an NZSE listed company, is a leading supplier of e-commerce and transaction processing
solutions in New Zealand, Australia and throughout the Southern Hemisphere. The company has three business units:
business-to-business e-commerce, retail solutions and point-of-sale equipment. It provides web development capabilities,
software development, transaction processing and funds transfer capabilities to enable end-to-end e-commerce solutions.
ENDS