Technology firm in sights

By FIONA ROTHERHAM

E-Opportunity, the first New Capital Markets company to seek public funds, is targeting technology company Selector Group as its key transaction.

Selector develops personnel assessment software to help companies hire, fire and train staff.

E-Opportunity is seeking $600,000 from the public by May 5 through the offer of 1.2 million 50c shares.

Its directors, merchant banker Tony Bishop, Glaistor Ennor managing partner Jack Porus and Kiwi Income Property Trust joint managing director Ross Green, have put in the minimum $200,000 required. Issue expenses estimated at $49,500 come out of the $800,000 raised.

The New Capital Market was established by the stock exchange to make it easier for smaller companies to access capital.

The other company hoping for a new market listing before Easter is stamp dealer and auctioneer John Mowbray's Mowbray Collectibles.

When a firm lists on the new market it must be a shell company and start trading without an operating business. It has 18 months to make a key transaction.

E-Opportunity directors hope it will be a matter of weeks before its key transaction is put to shareholders once listing is obtained. As required under the stock exchange listing rules, e-Opportunity has not yet entered into any contract with Selector.

Mr Bishop is the non-executive chairman of Selector and holds directly or beneficially about 71,900 of its 1,776,000 shares. Mr Porus owns 5000 shares through his family trust.

Selector started in 1994 when director Tony Chapman considered using a computer-based assessment tool for selecting air traffic controllers.

It has since been developed beyond just an aviation industry product to more general assessment programmes. Plans include using the self-administered tests for internet recruitment.

Mr Bishop said e-Opportunity planned to use its cash reserves and issue more shares for the key transaction.

After the initial offer, he and Mr Porus would hold 10 per cent of issued capital while Mr Green would have 20 per cent.

The directors paid 25c a share.

They can each take up to 100,000 50c options exercisable within three years.

Organising broker JB Were will also be granted 180,000 options.