Secrecy over first e-lister

By FIONA ROTHERHAM

E-Opportunity is likely to be the first listing on the Stock Exchange's New Capital Market.

While Mowbray Collectables was the first to apply, it is understood E-Opportunity will have its prospectus registered by the end of this week, ahead of Mowbray, which is due to list before Easter.

E-Opportunity will not reveal details about itself or its key e-commerce transaction until the prospectus is registered. The Securities Commission says companies should not advertise an offer without a registered prospectus.

Companies Office records show that E-Opportunity has three directors, Glaister Ennor law firm managing partner Jack Porus, merchant banker Antony Bishop and Kiwi Income Property Trust director Ross Green. Its shares are in Mr Porus' name.

Forsyth Barr, which is handling the Mowbray listing, said there had been a holdup with registering its prospectus because of on-going discussions between the Stock Exchange, Securities Commission and Companies Office. However, the Stock Exchange said there had been no holdup at its end.

Agreement has been reached with the Securities Commission on New Capital Market exemptions.

The Stock Exchange initially sought to allow offerings to be sold without delivering an investment statement to potential investors. This would have allowed Stock Exchange members to cold-call investors by phone, which is not permitted under the Securities Act.

The first exemption gazetted the day before the New Capital Market was launched on March 10 allows companies to exclude certain prospective financial information about the issuer and any key transaction. An investment statement and registered prospectus are required at this stage, but not later, according to the latest exemption.

When a firm lists on the new market it can raise between $600,000 and $1 million, with the directors and officers having to put up at least $200,000.

Under the second exemption, companies seeking key transaction funds will have to supply investors with an offer announcement rather than a registered prospectus. All information also has to be posted on the new markets web site five days before the companies go public.

Subsequent fundraising does not require documentation to be physically sent to investors, though it still must be available on the web site.