24 May 2010

Shares in boat builder sold to overseas company

12:39 pm on 24 May 2010

Listed boat builder Sealegs has sold $2.8 million worth of new shares to an overseas private investment company.

Avenport Investment Corporation has bought 14 million new shares at 20 cents each.

Sealeg's chief executive, David McKee Wright, says the placement will ensure the company has enough funding to build inventories as it grows globally.

Mr McKee Wright says the company is also proposing to put more money towards enhancements to new models.

Shares in Sealegs are unchanged at 20 cents.