GPS Online oversubscribed

Investor interest in technology stocks in Aust-ralia remains intense with the recent announcement that a portion of GPS Online’s float is already over-subscribed – in less than a week.

GPS Limited managing director Bob Angel said the company received applications for more than double the number of shares being offered in the prospectus to non-Telco Australia Limited shareholders.

Mr Angel said applications from Telco Australia Limited shareholders had still been accepted through their priority entitlement up to 24 May.

“We anticipate listing the company’s securities on the Australian Stock Exchange on or about 7 June 1999,” he said.

In its recently released prospectus, GPS Online offered 10 million shares at a price of 40 cents per share to investors, with a free option attaching to each share acquired, to raise a total of $4 million.


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