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Rocom Wireless to pay $5.75M for key transaction

By Phil Boeyen, ShareChat Business News Editor

Wednesday 11th October 2000

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Newly listed NCM company Rocom Wireless has announced it will buy all the shares in Rocom Limited for $5.75 million in stock and cash.

Rocom Wireless listed on the New Capital Market in August as a shell company in an oversubscribed market offering at 50 cents per share. It identified the purchase of Rocom Limited as its key transaction under NCM rules.

Rocom Limited provides telecommunications equipment such as cellular phones, palmtop computers and satellite phones.

Rocom Wireless says it will pay $2.15 million in cash and issue 7.2 million shares in ROC at an issue price of 50 cents per share to the vendors of the Rocom Limited shares.

The agreement is conditional upon a number of factors including conducting a satisfactory due diligence investigation and raising the $2.15 million cash part of the purchase price by way of a public share offer.

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