Multistack Takes Off

Sydney Morning Herald

Friday February 12, 1993

JAMES WALKER

Fast-growing air-conditioning producer Multistack International Ltd showed Cloncurry Mining Co NL a clean pair of heels yesterday on their first day on the Australian boards.

Multistack, supplier of chiller units to the New York World Trade Centre among others, listed at a strong premium to its $1 issue price. The stock climbed to $1.27 at one point but lost ground to close at $1.17.

Cloncurry Mining opened at 24c - a slight discount to its 25c price - and slid during the afternoon, finishing at 20c.

Cloncurry float underwriter McIntosh Securities said the stock would see more activity when the results of drilling due to begin on its Great Australia prospect became known.

A senior manager of McIntosh, Mr Neil Watson, said: "We wouldn't expect the share price to go up or down until the drilling results become known."

Multistack's float closed oversubscribed after raising $7 million earlier this year through broker Herbert P. Cooper & Son.

© 1993 Sydney Morning Herald

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