Phone firm issues 5 million shares

Listed telecommunications company E-Phone has placed five million shares to raise working capital for the development of new business.

The shares were placed with several Australian and New Zealand private investors at 18Ac and 25NZc a share respectively.

This represents 4.19 per cent of the existing issued shares, E-Phone said in a statement to the NZ Stock Exchange. The directors believed the share placement was fair and reasonable to all shareholders, it said.

The move takes the total number of shares in E-Phone to 124.4 million.

- NZPA