Wednesday 22nd August 2007
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A supplementary prospectus, closing on Friday 14 September, has been issued. The initial offer closed last Thursday 16 August.
Datasquirt's chairman, Dr Jens Neiser, said the offer had received strong support from Australian institutional investors and from individual investors on both sides of the Tasman.
"We have had discussions with our broker, Bell Potter Securities and also with the larger investment funds supporting the offer," Dr Neiser said. "The support - particularly from our large investors - is such that we have decided to go ahead, but have reduced the minimum subscription amount from $10 to $7 million, which we view as prudent and sufficient to fund Datasquirt's international growth plans."
He said the ASX requirement of 400 individual subscribers had been reached with around half that number from New Zealand. Bell Potter had agreed to act as Sponsoring Broker to the revised offer, not Underwriter.
"Our message to investors is that while markets may rise and fall the potential for Datasquirt to grow strongly in a rapidly expanding market for Call Centre software has not changed. We are confident the float will go ahead and that we will exceed the minimum subscription amount," Neiser said.
The revised prospectus is now available on http://www.datasquirt.com and http://www.bellpotter.com.au. The minimum application size remains at 2,250 shares at $0.90 cents per share with additional shares applied for in multiples of 500 shares.
On completion of the offer the minimum underwritten market capitalisation will be $A25 million. All shares being offered are new shares with the existing shareholders retaining or increasing their respective holdings.
Datasquirt's managing director and co-founder Aaron Ridgway says the funds raised will be adequate for product development and international sales and marketing of Datasquirt's CONTACT software, as well as satisfying working capital requirements.
CONTACT is designed to enable call centres to integrate text, fax and email messages into existing processes when handling both inbound and outbound communications. Datasquirt's major customers include Fonterra, Yellow Pages, Auckland Regional Council, The Ministry of Justice, Cerebos Greggs, Coca Cola Amatil NZ, The Election Enrolment Centre, Amway Australia New Zealand and the Auckland City Council. CONTACT won a TUANZ Innovation Award in 2005.
The latest projects in Australia during 2007 include a pilot implementation for account receivable management at Dun & Bradstreet; and in the United Kingdom at Silverjet, a fully automated SMS and email self-service handling flight bookings, travel confirmation, seat selection and flight cancellations and delays.
Full details of the company's product and market strategy, balance sheet and other operational and market information are disclosed in the Australian and New Zealand offer documents on the company's website http://www.datasquirt.com.
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