Good news buoys Straightedge investors

By ELLEN READ

Straightedge shareholders have received two pieces of good news leading up to Friday's inaugural annual meeting.

The firm's Builder Decking software has been certified as compliant with Australia's building code, and Straightedge's target acquisition, Carter Holt Harvey's Straightedge Division, has signed a deal licensing its 3D kitchen and bathroom design software Virtual Worlds to hardware chain Mitre 10.

Virtual Worlds allows users to plan and visualise their designs and renovations.

The service will be introduced in three stores in Auckland and Wellington next month.

Straightedge will acquire Straightedge Division as part of its key transaction, a requirement of being listed on the stock exchange's New Capital Market.

At Straightedge's first meeting on Friday, shareholders will be asked to approve the acquisition and elect Rick Ellis and Russell Hewitt as independent directors.

Shares in Straightedge closed at 50c yesterday - unchanged from their April issue price.