Demand high for Seven Net shares

The Seven Network’s offering looks set to close two weeks ahead of the Aug. 6 deadline.

Brokers have stopped sending out prospectuses for the $ A600 million ($ 402 million) share issue, and callers are being told there is no guarantee applicants will receive shares.

Indications are that — like the recent Paul Hogan float for his film “Lightning Jack”– the network’s stock will be heavily oversubscribed.

The Australian Broadcasting Authority is examining the association between Telecom and News Ltd., which, between them, have acquired 25% of the issue, but a spokesman denied that the watchdog agency had any serious concerns over the matter.

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