By DANIEL RIORDAN
Advantage Group shareholders have shrugged off the bad news about the company's partly owned subsidiary, FlyingPig, and approved the issue of up to 12 million new shares to finance further acquisitions.
The new shares will lift the total on issue by 20 per cent to 60.4 million and, if issued at close to the present share price of 300c, would raise $36 million.
Chief executive Greg Cross told about 80 shareholders at yesterday's special meeting in Auckland that it remained strongly committed to FlyingPig, which the day before laid off 20 of its 40 staff as it struggled to make an impact in its first year as an internet retailer.
Advantage has made at least one acquisition a month for most of this year and wants to continue that path without having to raise debt, hence the share issue.
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