Strong early investor interest

12 April 2010

ECOYA IPO
Strong early investor interest

Ecoya Limited (“Ecoya”) registered its IPO prospectus on 25 March 2010 and is offering up to $10 million of shares at $1.00 per share, with the ability to accept oversubscriptions of up to an additional $3 million of shares.

Investors subscribing for shares will also be granted two warrants for every four shares allotted to them. The warrants will be exercisable in two equal tranches – one at any time before a final exercise date of 15 December 2011 and the other before a final exercise date of 15 June 2013.

Ecoya has received strong early interest from a range of investors, including:

• Former 42 Below shareholders – on 12 March 2010, Ecoya wrote to former 42 Below shareholders in New Zealand inviting them to pre-register their potential interest. More than 500 responded indicating they were interested in more than $5 million worth of shares. They were sent investment statements, including application forms, on Tuesday, 6 April 2010.

• NZX Firms – the co-managers to the offer are stockbrokers, First NZ Capital Securities Ltd and Craigs Investment Partners Ltd, which have significant client investor bases. Both of the co-managers have already taken a portion of their potential allocation as firm commitments. Additional demand is expected from clients of both of the co-managers. Clients of other NZX Firms may also participate in the offer.

• Institutional investors – Ecoya currently expects to secure two or three institutional investors. Ecoya has already received commitments from some of these parties.

• Independent directors and certain private investors known to the directors and their associates – a pool of $2.5 million has been set aside for these investors and they are in the process of confirming their applications. The Bakery has underwritten $2 million of this pool.

If Ecoya receives valid acceptances for more than $13 million, the public pool and oversubscriptions pool will be subject to scaling. Scaling will be at the discretion of Ecoya and may not necessarily be on a pro-rata basis. In the event of scaling, the date of receipt of application forms will be used as one of the scaling criteria. Parties wishing to subscribe under the offer are encouraged to make their applications as soon as practicable.

Members of the public in New Zealand or Australia may participate in the offer by requesting the investment statement, dated 25 March 2010, directly from Ecoya, downloading it from the Ecoya website (www.ecoya.co.nz
), or by contacting either of the co-managers, Craigs Investment Partners or First NZ Capital, or any NZX firm.
The offer is now also open (from 12 April 2010) for Australian shareholders and closes on Monday, 26 April 2010 for all investors. Ecoya is currently expected to list on the New Zealand Stock Market (operated by NZX Limited) on 3 May 2010.
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