Software group for listing

Auckland software house Systems Support Group, which makes the Sovereign finance and banking software used by most large New Zealand finance companies, is headed for listing through the stock exchange's New Capital Market.

A shell company, Finzsoft Solutions, intends to raise $600,000 through a public offering of 1.2 million shares at 50 cents each.

As required by the market's listing rules, the Finzsoft prospectus identified its key transaction - the purchase of Systems Support.

Finzsoft's only current asset is $200,000 subscribed by its three directors - Systems Support's managing director, Barrie Shannon, Auckland chartered accountant Donald Hattaway, and Brent King, the managing director of listed financial services company Dorchester Pacific.

The organising broker is Dorchester Pacific subsidiary Direct Broking.

The offer is expected to close on December 15, or earlier if fully subscribed.

Sovereign, which runs on the IBM AS/400 platform, is used by 16 companies, including Dorchester Finance, Marac Finance, Elders Finance, Gough Finance and Fisher & Paykel Finance.

Mr King said listing was a better option than selling part of the company to venture capitalists.