Wiggs extends Punakaiki Fund offer by 3 weeks as subscriptions lag minimum target

Wed, 02 Oct 2013

Oct. 2 (BusinessDesk) - Internet commentator Lance Wiggs has extended his Punakaiki Fund offer by about three weeks and cut proposed management and directors’ fees on signs the IPO would miss its minimum target of $5 million. The offer, which had been due to close today, had sought to raise up to $50 million to invest in early stage New Zealand technology, internet and design companies. The fund had registered a prospectus for an initial public offering of $20 million of shares at $1 apiece with oversubscriptions for a further $30 million. “...

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