Sealegs seeks other stock buyers after sale undersubscribed

Friday 4th July 2008

Sealegs, the designer and builder of amphibious boats, said it will offer shares to other parties after a shortfall in its renounceable rights issue.

The company raised NZ$2.9 million by selling 11.7 million shares at 25 cents apiece, short of its target 13.2 million, it said in a statement today. The stock last traded at 41 cents.

The stock will be offered to other investors on the same terms.

By Jonathan Underhill

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