SYDNEY – Video distrib Network Entertainment has bowed on the Australian Stock Exchange, following its successful A$12 million ($9.6 million) public share offering. Shares traded at a 7.5% premium to the $1.60 issue price, before closing at $1.59 on its opening day.
Following the public offering, Network is capitalized at $27 million. Proceeds will be used to retire debt and acquire more film and video distribution rights. Earnings before interest and tax are forecast at $3.3 million on sales of $29 million for fiscal 1997.