Sharechat Logo

IkeGPS announces share placement to existing Australian, NZ investors

Wednesday 16th August 2017

Text too small?

IkeGPS, the laser measurement toolmaker, said it has received firm expressions of interest from existing Australian and New Zealand institutional and wholesale investors for a share placement.

It is currently seeking to finalise the placement of new fully paid ordinary shares to those selected existing investors, it said. It did not disclose the amount involved and company officials were not immediately available for comment.

In a first quarter business update last month, however, it said its working capital requirement would grow to $4 million to $5 million over the next 12-to-18 months, and said it was "evaluating options to fund this requirement through the raising of additional equity alongside the potential for an element of working capital debt". 

IkeGPS shares are currently in a trading halt. They last traded at 32 cents and have shed 51 percent over the past 12 months. 

The Wellington-based company posted a $10.7 million loss for the year ended March 31, compared to a loss of $8.8 million a year earlier, with revenue dropping 36 percent to $5.8 million. The drop reflected a weaker first half caused by "several one-off headwinds", which was followed by a return to growth in the second half, the company said. IkeGPS has projected a return to growth in 2018, forecasting more than 40 percent sales growth of its Ike4 units, more than 50 percent growth for new sales of its Spike units, and cash breakeven in the year. 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes

IRG See IRG research reports