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ION VIDEO LTD — Capital/Financing Update 2023
Oct 25, 2023
65133_rns_2023-10-25_cf83300d-74bc-46ce-b7bb-7563a6ef9187.pdf
Capital/Financing Update
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ASX Announcement | 26 October 2023
Linius to Launch Share Purchase Plan
Highlights:
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Linius to launch SPP offer to eligible shareholders
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SPP to be at same price as under recently completed placement
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Linius proposing to raise $600,000 under SPP
Melbourne, Australia – 26 October 2023: Linius Technologies Limited (ASX: LNU) ( Linius or Company ) – the only cloud-based solution that unlocks the value of video archives with immersive, deeply personalized viewer experiences via its Linius Video Services (LVS) platform – is pleased to announce that it proposes to undertake a share purchase plan ( SPP ) for eligible shareholders, to provide an opportunity for them to participate in a capital raising on the same terms as investors under the recently completed placement to professional and sophisticated investors ( Placement ) of new shares in the Company that raised $685,000, as announced on 16 October 2023.
The Company will offer eligible shareholders of the Company with a registered address in Australia or New Zealand as at 7:00pm (AEDT) on 25 October 2023 ( Eligible Shareholders ), the opportunity to participate in the SPP. The SPP will be offered at $0.002 per share (being a 20% discount to the last traded price), which is the same price as the Placement.
The Company had record results in FY23 and has since made a rapid start to FY24, announcing that it already has contracts which will see billings rise to $725,000 over the next 12 months, a 49% increase over FY23. The Company’s first deal in the US market, announced with Hockey Technology Partners (HTP) in July 2023, has already seen that service go live for end users through NAHL TV and generate monthly recurring fees. Further, full deployments with Inverleigh Media for SANZAAR and NZ Rugby are now generating monthly recurring fees. Finally, the Company announced the launch of Whizzard Highlights, with Cricket Australia being the first customer to have deployed this solution and now generating additional monthly fees. This launch marks Linius’s entry into the large existing market for automated sports highlights. With an increasing rate of new customer acquisition and great market credibility, the Company is well positioned for accelerated revenue growth in FY24.
The SPP is targeting to raise $600,000 however the Linius Board of Directors reserves absolute discretion regarding the final amount raised under the SPP including to scale back offers received under the SPP or increase or decrease the amount to be raised under the SPP. Individual applications for SPP shares will be capped at the statutory maximum of $30,000 per eligible shareholder across all their holdings (free of any brokerage, commission and transaction costs). The SPP will not be underwritten.
The SPP shares will be issued pursuant to Exception 5 in ASX Listing Rule 7.2 and will not count towards the Company’s placement capacity. The capital raised under the SPP will be used for the same purpose as funds raised under the Placement. Eligible shareholders wishing to participate in the SPP should carefully read the SPP Offer Booklet. Correspondence on the SPP and personalised application forms are scheduled to be dispatched to eligible shareholders in Australia and New Zealand and released, together with the SPP Offer Booklet, on ASX on 27 October 2023. The SPP Offer Booklet will contain full details of the SPP. Key dates for the SPP are set out below.
Linius Technologies Limited (ASX: LNU) ACN 149 796 332 Level 2, 431 St Kilda Road, Melbourne VIC 3004 Australia t: +61 3 8672 7186 / e: [email protected]
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| Event | Date (2023) | |
|---|---|---|
| SPP Record Date (7.00pm) | Wednesday, 25 October | |
| Announcement of SPP | Thursday, 26 October | |
| Lodgement of Appendix 3B with ASX | ||
| SPP offer booklet lodged with ASX | Friday, 27 October | |
| Opening date of SPP offer | ||
| Letters sent to Eligible Shareholders | ||
| Closing date of SPP offer (5.00pm) | Monday, 20 November | |
| Announcement of results of SPP | Friday, 24 November | |
| Lodgement of Appendix 2A with ASX | ||
| Issue and trading of new shares under SPP |
The timetable is indicative only and subject to change. The Company reserves the right to amend the dates at its discretion and without notice, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth).
This announcement has been authorised for release to ASX by the Linius Board of Directors.
About Linius Technologies Limited:
Linius’ purpose is to unlock the value of the world’s video, creating immersive, deeply personalized viewing experiences. For the first time, we make it possible to find, curate, and utilize the valuable moments across vast libraries of video, enabling viewers to create an infinite amount of personalised video compilations on-the-fly, providing the most relevant content to each viewer.
Our patented Video Virtualisation Engine™ (VVE) turns big, bulky video files into lightweight, searchable data that is enriched with AI and ML, making it easy and efficient for users to find and share what matters to them. Creators and owners of video can drive greater viewing, and monetisation of their video assets.
For more on Linius Technologies, visit www.linius.com
For further information, please contact: James Brennan, CEO, +61 (0)3 8672 7186 or [email protected]
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