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[sharechat] itc announcement

From:	"Adam Rands" <adam@mail.iguana.co.nz>
Date:	Tue, 7 Dec 1999 12:51:36 +1100

some people would call it gambling.. ITC call it investments..



ITP - ASX Company Announcement
$jtv1 THIS IS A PRIORITY ITEM
7 December 1999
Part 1/1
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IT CAPITAL LIMITED
------------------
 
HOMEX - Perth
-------------------------
129% Investment success wiht BMCMedia.com Limited
 
SHARP INVESTMENT IN E-COMMERCE IPO RETURNS 129% TO IT CAPITAL
IT Capital Ltd (NZSE:ITC) today announced that it has exited an
investment made on 23 November 1999 in BMCMedia.com's IPO providing
substantial returns.
 
IT Capital Ltd sub-underwrote the BMCMedia.com IPO and invested AUD
$250,000.00 receiving 500,000 BMCMedia.com shares at an issue price
of AUD$0.50.
 
IT Capital also received a placement commission of 2.75% for the
sub-underwrite receiving AUD $34,375.00 making the net cost of the
investment AUD $215,625.00.
 
On December 3 BMCMedia.com floated and on December 6 1999 IT Capital
partly exited BMCMedia.com by selling 400,000 shares at a weighted
average price of AUD $1.23. After deducting IT Capitals commission
the return is AUD $277,392.00 which equates to 129%. IT Capital have
retained 100,000 snares in BMCMedia.com as it is a developing market
segment that they wish to pursue and it gives IT Capital a retained
investment which is good for further growth into this rapidly
expanding market.
 
"Following on from our success in Tunes.com this performance proves
our ability to identify leading internet stocks and to exit them
successfully" says Keith Phillips, Managing Director of IT Capital
Limited.
 
IT Capital is a leading Australasian "Venture Catalyst" in the
business-to-business e-commerce market.
 
More information on IT Capital Limited is available at
http://www.Itcapital.net
 
ends - AAP
 
 



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