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STRAKER LIMITED — Capital/Financing Update 2021
Jun 23, 2021
65867_rns_2021-06-23_93064340-5c8a-4e64-9bdd-7545844a1900.pdf
Capital/Financing Update
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ASX RELEASE
24 June 2021
Results of Retail Entitlement Offer
Straker Translations Limited (ASX: STG)
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Fully underwritten Retail Entitlement Offer closes raising A$5 million
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A$25m gross proceeds raised from the fully underwritten Equity Raising
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Straker is now well position to execute on accelerating its growth strategies, after the pay down of debt and payment of offer costs
Results of Retail Entitlement Offer
Straker Translations Limited (ASX: STG) ( Company ) is very pleased to announce the successful completion of the retail component ( Retail Entitlement Offer) of its fully underwritten one for 10.32 pro rata accelerated non-renounceable entitlement offer ( Entitlement Offer ) as first announced on 2 June 2021.
The Retail Entitlement Offer closed at 5.00pm (AEST) on Monday, 21 June 2021. The Company received valid applications for 523,163 fully paid ordinary shares ( New Shares ) from eligible shareholders in the Retail Entitlement Offer, raising approximately A$994,000.
The Entitlement Offer was fully underwritten by Bell Potter Securities Limited and Ord Minnett Limited ( Underwriters ) pursuant to the underwriting arrangements disclosed in the Company’s announcement and investor presentation released on 2 June 2021. As previously announced, Bailador Technology Investments Limited ( Bailador ) agreed to sub-underwrite any shortfall arising from the Retail Entitlement Offer up to the value of approximately A$5.1 million, in addition to taking up its full prorata entitlement in the Entitlement Offer.[1] Following the close of the Retail Entitlement Offer, there is a shortfall of approximately A$4 million (approximately 2.1 million shares) arising from rights not taken up by eligible retail shareholders that will be allocated pursuant to the sub-underwriting arrangements.
When added to the A$20 million (approx.) raised from the Accelerated Entitlement Offer and share placement as announced on 4 June 2021, the total gross proceeds raised by the Company to-date in connection with the equity raising will be approximately A$25 million (before costs).
The Company expects to issue and allot a total of 2.6 million (approx.) New Shares to successful applicants under the Retail Entitlement Offer and the underwriting arrangements on Monday, 28 June 2021.
The Board and Management team thank all investors who participated in the Equity Raising for their strong support of the Company.
This announcement has been authorised for release to ASX by the Company’s Board of Directors.
1 Paul Wilson, a director of Straker, is also a director of Bailador. The shortfall shares issued to the Underwriters and Bailador as sub-underwriter will be issued pursuant to ASX Listing Rule 10.12 (Exception 2). Bailador will not receive any fee for its sub underwriting commitment.
Straker Translations (STG) Registered Address NZ Company no. 1008867 Level 2, 49 Parkway Drive ARBN: 628 707 399 Rosedale, Auckland 0632
www.strakertranslations.com [email protected]
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For further information, please contact:
Corporate:
Grant Straker, CEO & Co-Founder
E: [email protected] P: +64 21 512 484
Investors:
David Ingram E: [email protected] P: +64 21 591 984
Important information
This announcement is not financial product, legal, tax or investment advice and has not taken into account your objectives, financial situation or needs. You should seek appropriate professional advice before making any investment decision.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the 'US Securities Act'), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the US Securities Act or an exemption from the registration requirements of the US Securities Act is available.
This document may not be distributed or released in the United States.
This announcement contains certain 'forward-looking statements' within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as 'may,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'scheduled' or 'continue' or the negative thereof or comparable terminology. Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. The Company does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.
Straker Translations (STG) NZ Company no. 1008867 ARBN: 628 707 399
Registered Address Level 2, 49 Parkway Drive Rosedale, Auckland 0632
www.strakertranslations.com [email protected]
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