Forum Archive Index - April 2000

["Taylor, Julian" <taylorj@cba.com.au>]

i was just wondering what the rules/guidelines are for co.s cancelling IPO's
and floats
do they have to do so before a certain date 
ie two weeks before announced listing day
after which they cant pull out?
surely they cant pull out any old time? 
and can they do this for any reason?


> -----Original Message-----
> From: Sarah Corkill [SMTP:Sarah.Corkill@directbroking.co.nz]
> Sent: Friday, 14 April 2000 12:09
> To:   'sharechat@sharechat.co.nz'
> Subject:      RE: [sharechat] Re: EStar Online
> 
> Hi Nick,
> 
> That was the line I was given by our internet desk but the offical line
> from
> the organising broker is that there "was demand.  That because there was
> an
> underwriter the shares would have been taken up regardless.  That the
> NASDAQ
> was 28-30% higher when the offer was originally announcement and that the
> recent fall may have effected investor confidence.  The company would like
> to be around for a long time so they considered it prudent to remove the
> offer and re-visit it at a later date.  In the meantime they will continue
> to trade on the unlisted board."
> 
> If they are wanting to be in the market for a long time, why would short
> term fluctuations in the NASDAQ effect their listing?
> 
> Regards,
> 
> Sarah Corkill
> Direct Broking
> 
> 
> 
> 
> -----Original Message-----
> From: Nick Bryant [mailto:nbryant@nbr.co.nz]
> Sent: Friday, 14 April 2000 13:52
> To: sharechat@sharechat.co.nz
> Subject: Re: [sharechat] Re: EStar Online
> 
> 
> Sarah Corkill wrote:
> > 
> > Hi everybody,
> > 
> > FYI - the Estar Online offering has been cancelled due to lack of
> demand.
> > 
> > Regards,
> > 
> > Sarah Corkill
> > Direct Broking
> > 
> >
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> 
> Sarah,
> Word from Estar Online is they were oversubscribed but have pulled due
> to public perception of tech stocks right now. Who said lack of demand?
> Nick
> 
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