7 Jul 2014

Software company seeks funds

9:12 am on 7 July 2014

The latest company wanting to raise funds and list on the stock exchange provides software to the cinema industry.

It claims 37 percent of the multi-screen cinema market, including a 35 percent share in the home of cinema, the United States.

Vista Group International wants to raise more than $100 million and to list on both the NZX and the ASX with a market capitalisation of more than $200 million.

Founder and chief executive Murray Holdaway said his company derived only about 3 percent of its turnover in New Zealand and so Vista hadn't promoted itself much in this country.

The company plans to sell up to 19 million new shares raising $40 million to fund acquisitions and growth.

Existing shareholders, including Mr Holdaway, plan to sell up to 22.4 million existing shares and will retain between 45 percent and 49 percent of the company.