From apsattv.com<br /><br />SelecTV struggling to find an audience<br /><br />31/05/06<br /><br />From Afr<br /><br /><br />SelecTV, the upstart digital satellite pay TV provider doing its bit to bring down prices and increase the penetration of pay TV in Australia, has extended the close of its $22 million to $25 million capital raising and float by two weeks. <br /><br />The offer is now scheduled to close on June 9. <br /><br />The decision to extend rather than pull the float suggests investors are still wary about the ability of pay TV to prove itself as a solid investment after all these years, but SelecTV appears to be confident of eventually getting the money. <br /><br />Its plans have been upset by moves by the two incumbents, Foxtel and Optus, to introduce cut-price basic packages that are more competitive with SelecTV's main $29.95-a-month deal. <br /><br />Earlier this month Foxtel introduced a $36.95 deal (with more than SelecTV's 20 channels), while Optus introduced a $31.95 a month package. <br /><br />Meanwhile, Samuel Hewlings Chisholm confirmed yesterday that he had cut his stake in interactive television company Two Way TV from 13.99 per cent to 8.45 per cent, after last week's share sale.