The $ A35 million ($ 23.8 million) share issue for Paul Hogan’s next feature , “Lightning Jack,” closed Friday, well ahead of target. The film is due to be listed on the stock exchange July 29.
Morgan Corporate underwrote $ 17 million of the float. “It will take a few days before we know the true position, but it closed oversubscribed, there’s no real issue about that,” Morgan director Richard Clarke said.
It’s not known how many of the 35 million $ A1 shares were bought by the public and how many went to the industry.
Investors in Hogan’s first film, “‘Crocodile’ Dundee,” and stockholders in Village Roadshow Ltd. were given priority to apply for 10 million of the shares. VRL sub-underwrote some of the issue.
Overseas investors showed considerable interest, especially after shares were listed through American Depository Receipts (ADRs), Clarke said.