New capital market listing Rocom Wireless (NZSE: ROC) has revised downwards its conditional agreement for sale and purchase of shares in Rocom.
Rocom is a major independent supplier of wireless telecommunications equipment, and has annual sales of around $16 million.
Under the terms of the new agreement, ROC will purchase all of the shares in Rocom for up to $4.9 million, paying $1.8 million in cash and issuing up to 6.2 million shares in ROC at an issue price of 50 cents per share.
Previously ROC planned to pay $5.75 million made up of $2.15 million in cash and 7.2 million in shares.
The offer is conditional on shareholder approval, due diligence and NZSE approval. It is also conditional on raising the $1.8 million cash component of the purchase price.
ROC shares hit $1.40 soon after listing but today were trading down 22 cents at 52 cents.