Straightedge extends share offer

Straightedge, essentially a shell company with cash its only asset, began a Subsequent Public Offer (SPO) on July 1 with the aim of raising $5.5 million for the purchase of Carter Holt Harvey spin-off Straightedge division -- its "key transaction" on the New Capital Market.

That offer, of 11 million shares in Straightedge Ltd, at 50 cents each, to raise the $4.1 million purchase price and additional working capital, was to have closed tomorrow.

Straightedge Ltd chairman Marc Potter said recent publicity about sales and trials of the Straightedge division's software in North America had sparked additional interest in the share offer.

"In the last two weeks there has been a surge of interest in Straightedge from key institutional and international investors," Mr Potter said.

"The board of Straightedge decided that it would be advantageous for the company and its shareholders to extend the offer to accommodate these investors."

Mr Potter added that the company would oversubscribe the issue if necessary.

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