Burgerfuel

[shasta]

Shane Cameron can have the company logo tattooed on his back, for exposure in the States!

[Scuffer]

Hey Shasta love ya ideas I crack up laughing, they will be a few on the ADY thread wondering if we are complete nutters, well bud gotta go out going to watch Transformers gonna see if there is any way to turn an old bike frame into a gourmet burger,catch ya later.

[Bling_Bling]

quote:Originally posted by Scuffer

Hey Shasta love ya ideas I crack up laughing, they will be a few on the ADY thread wondering if we are complete nutters, well bud gotta go out going to watch Transformers gonna see if there is any way to turn an old bike frame into a gourmet burger,catch ya later.

Maybe you can raise $250k so you can bring the bike to the guys at American Choppers to pimp it for ya. Get Grant Sammy to put a value of $500k after the American Chopper dudes have build the bike.

[Deev8]

quote:Originally posted by trackers

... not to mention how much money they're draining in promoting it

Quite a lot of money being spent on that. The following was from an article in The Herald a couple of days ago:

Has anyone told that bloke on the telly rustling horses and selling vacuum cleaners to get his $1000 worth of Burger Fuel shares how much of his hard-earned cash will be used just to get the thing listed?

The prospectus estimates the IPO will cost Burger Fuel $1.2 million - that's 8 per cent of the $15 million being raised. A pretty hefty whack, even for a company that believes it is worth $60 million.

Brokerage fees for the float are 3 per cent of the money raised - plus a 1 per cent success fee. That's $600,000. So give or take $30,000 of independent directors fees, it looks like more than $500,000 is being spent on marketing.

[Onthemoney]

Last throw of the dice for the shareholders involved. If they can't get the IPO off the ground it will go under. One way to get the vendor finance back.

[corporateraider]

I'm in for GBI. I can see it becoming the framework of NZX's new carbon trading exchange

[PointyHat]

I have just read the advert and prospectus and I agree with sentiment on this thread. My max investment, some time in the furure, will only be $9.00 in a 1/3 burger with Brei and salad! Let's hope they are still a float when I pass one of their stores, LOL.

[FTG]

Looks like despite all odds that this one is going to list!

Reading between the lines, it seems that they must have been not to short of the $8mill. Hence why they are only extending by a week and the founding s/holders will "make up" any difference.

Who would have thought eh!

NZX Regulation Decision
BurgerFuel Worldwide Limited ("BFW")
Application for Waiver from NZAX Listing Rule 7.12.2


Background

1. BurgerFuel Worldwide Limited ("BFW") is currently undergoing an initial public offer of ordinary shares and options which are intended to be listed on the NZAX market. BFW is seeking up to $15 million with a minimum subscription level of $8 million. The offer opened on 18 June 2007.

2. The offer timetable outlined in BFW's prospectus is as follows:
- Offer Opening Date - 18 June 2007
- Offer Closing Date - 16 July 2007
- Anticipated allotment of shares and options - 23 July 2007
- Expected quotation and trading on NZX - 25 July 2007

3. BFW reserved the right to vary the offer opening and closing date subject to NZX requirements.

4. As of today's date, BFW has not received the minimum subscription level of $8 million.

5. The Board of BFW has decided, if allowed by NZX Regulation ("NZXR"), to amend the offer period by extending the Offer Closing date to 23 July 2007. As a result of this change, the likely allotment and quotation date of shares and options would be 27 July 2007.

Application

6. BFW has requested a waiver from Listing Rule 7.12.2 in order to allow the closing date to be extended to 23 July 2007.

7. In support of the application, BFW has submitted that:

a. The founding shareholders of BFW have decided to subscribe for any shortfall in the public offer to ensure that the minimum level of $8 million is achieved. BFW believes that this is information is significant to the investing public and that the offer period should be extended in light of this announcement.
b. Early subscribers to the offer are not significantly affected by the extension of the offer period as the anticipated quotation date has only moved out by 2 days.

c. The prospectus clearly states that BFW reserved the right to vary the offer closing date.

Listing Rule 7.12.2

8. Listing Rule 7.12.2 provides that:

Extension of Closing Date: An NZAX Issuer shall not extend the closing date for applications to subscribe for new Securities unless, at least five Business Days prior to the original closing date, the NZAX Issuer has notified NZX of the extension, and of the new closing date. An NZAX Issuer shall not, without the prior consent of NZX, extend a closing date more than once.

Decision

9. On the basis that the information provided to NZXR is full and accurate in all material respects, NZXR has decided to grant BFW a waiver from NZAX Listing Rule 7.12.2 to allow BFW to extend the closing date of the offer by one week until Monday 23 July 2007.

10. This waiver was granted on the conditions that:

a. BFW must immediately announce to the market, upon approval by the NZX of that announcement, that the closing date for the offer is being extended by a period of one week;

b. The announcement shall contain information relating to the founding shareholders' announcement and the new timetable.

Reasons

11. In coming to the decision to grant BFW a waiver from NZAX Listing Rule 7.12.2, NZXR has considered the following matters:

a. The announcement by the founding shareholders to pick up any shortfall means that the minimum subscription level will be achieved and BFW shares and options will proceed to quotation. NZXR is satisfied that this is important information to prospective investors in BFW.

b. Early subscribers of BFW shares and options are not significantly disadvantaged by having the quotation date extended by 2 days.

c. The prospectus outlined that BFW reserved the right to amend the offer closing date as is common in prospectuses.

d. There is a precedent for extensions of closing dates and in terms of the quotation date, this extens

[PointyHat]

NO surprises here then!

5:00AM Tuesday July 17, 2007
By Christopher Niesche


Photo / Martin Sykes
Burger Fuel's initial public offering has failed to raise the minimum $8 million it needed to float on the share market but will still go ahead after its founding shareholders said they would make up the difference.

The offer, which was due to close yesterday, has been extended for a week. It has been promoted on TV and through Burger Fuel stores.

The company had aimed to raise $15 million, with a minimum subscription of $8 million.

Director Josef Roberts said yesterday he could not reveal how big the shortfall was but said he and founder Chris Mason would make up the difference.

"The founding shareholders of [Burger Fuel] have decided to subscribe for any shortfall in the public offer to ensure that the minimum level of $8 million is achieved," the company said in its application to the NZX for an extension.

"[Burger Fuel] believes that this information is significant to the investing public and that the offer period should be extended in light of this announcement."


Advertisement
AdvertisementThe NZX agreed to extend the offer to July 23 and to push back the listing date by two days to July 27.

The burger chain, which has international ambitions, said in its prospectus that total sales in the March year rose 54 per cent to $16.4 million.

[whatsup]

Looks like these guys are going to "fund' a company that they already own, hoping for a exit somehow!!!