Feverpitch offering oversubscribed

The company says at the close of business on Tuesday it had received total subscriptions of around $850,000, with further subscriptions expected to arrive over the next couple of days. The company had been seeking $600,000.

Feverpitch is already planning to make a subsequent public offering of 500,000 shares, equal to 25% of issued shares, after the company lists.

Chairman, Richard Waddel says he is delighted with the outcome of the IPO and encouraged by shareholder interest and support.

"This demonstrates a strong commitment by the New Zealand capital market to supporting such enterprising and outstanding young entrepreneurs as Derek Handley.

"The board is equally committed to ensuring this very worthwhile project has every chance of success and provides substantial rewards to founding shareholders."

The company says agreement on the terms and conditions of the key transaction has been reached and a shareholders meeting is slated for January 23, 2002.

Feverpitch International plans to offer an online gambling system where people bet against each other and can set their own odds. The business will earn a commission on transactions.

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