Straightedge gets nod to move up to main board

The company will be allowed to graduate from its place on the New Capital Market as soon as its key transaction, the purchase of Carter Holt Harvey's Straightedge division, is settled.

Another condition is that the company has a register for 500 shareholders.

Straightedge has had its approval fast-tracked after being identified by Stock Exchange chief executive Mark Weldon, who is working to beef up the main board.

Straightedge is currently working to make inroads into the US hardware market with its DIY software products.

"I believe all investors will welcome a main board listing for Straightedge and the liquidity that represents. In particular institutional investors have signalled a positive interest in this development," the company's chairman, Marc Potter, said.

Straightedge has extended its public share offer until August 16.

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