Pike rights in demand

Pike River Coal's $41 million rights issue has closed fully subscribed.

The issue, fully underwritten by McDouall Stuart and NZ Oil and Gas, closed on Friday.

Shareholder applications for shares have been scaled because of the demand.

More than two-thirds of shareholders took up their rights entitlements, and nearly 3000 shareholders applied for a further 12.4 million shares.

Shares and options will be allotted on Friday.