Global-e exits for now
Global-e bonds has failed to raise the US$25.6 million minimum needed to kick off its bold investment-cum-e-commerce operation.
Saturday, July 8th 2000, 12:00AM
Under the terms of the prospectus Global-e had to sell 25,000 of its US$1060 bonds by July 7 to start its programme.
Chief operating officer Philip Markwick says Global-e has pulled its prospectus off the market for now.
He refused to disclose how many of the US$1060 bonds had been sold in an international marketing campaign in the past three months.
Most of the sales came from Asia, he says.
Markwick says as a measure of good faith Global-e is returning subscribers' money with interest, although it wasn't required to pay interest.
He says Global-e is looking at relaunching its product soon, possibly with a multi-jurisdicational offering.
"The Global-e Bond is a world first in terms of its concept and was designed to be test marketed in New Zealand," marketing manager Jane Malone says. "Following bondholder and broker feedback, both locally and internationally, Global-e will soon be re-launching the e-bond product under a new prospectus."
Global-e Investments will continue to market its bonds internationally through private placement to retail and institutional investors.
"The company is anticipating a major announcement in the near future," she says.
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