Federal Court Shows A Green Flag To Scheme Of Arrangement - Spookfish

  • Nov 26, 2018 AEDT
  • Team Kalkine
Federal Court Shows A Green Flag To Scheme Of Arrangement - Spookfish

On 26 November 2018, Spookfish Limited (“Spookfish”) (ASX: SFI) made an announcement regarding the copy of orders of the Federal Court of Australia (“Court”) in regard to the approval of the scheme of arrangement under which Eagle View Technologies, Inc. will acquire the remaining issued ordinary share of SFI by 3 December 2018. This scheme has already lodged by the ASIC and is legally effective.

After this announcement, there will be no trading done on ASX (i.e. trading in suspended status) after the closing day as on 26 November 2018. The chairman expressed his gratitude towards the entire team of Spookfish for their valuable contribution towards the company’s growth from a startup to its existing position. The company is excited to be a part of the EagleView group and expects a brighter future with the company.

Further to this, the scheme record date will be 03 December 2018, 5:00 pm Perth time. The implementation date of the scheme will be 10 December 2018. Also, as per the Scheme consideration, each share will cost A$0.09 on the record date.

The Spookfish is a consistent positive performer since its inception. Throughout its journey, the performance of the company remains 196.67%. The one year, five years and ten years performance of the company is 11.25%, 888.89%, and 286.96%.

Spookfish is into the business where the entire focus of the company is to develop and commercialize its geospatial imagery products and services. By using its technology, it produces rapid imaging of vast area with high resolution through the various angle. On the hand, Eagle View is also from the technology sector and is the leader in providing property data analytics, high-resolution aerial imagery, and structural measurements. The company supports government agencies, roofing contractors, insurance carrier and energy utilities sector. Spookfish now being a part of EagleView can expect its brighter future as they can broaden their horizon in future.

The half-yearly results of the company as on 30 June 2018 shows that the company incurred a net loss of $4,524,030. The balance sheet of the company appears strong. The net asset of the company is $11,509,705 which indicates that the company is in the position to meet its long-term obligations. The total current asset of the company is $21,082,801 and the total current liabilities is $19,814,164 which indicates that the company can even meet its short-term obligations as well as the net working capital. There was an increase in the accumulated losses for six months which resulted in the total shareholder’s equity to reach $11,509,705. Through operating activities, the company was able to generate $920,551. The major source of cash outflow under this category was the payment made to the suppliers and the employees. The net cash used in the investing activities was $1,550,275. Under this category, the company has made payment to the plant and equipment and payment for the security deposit. There was a decrease in the net cash and cash equivalent of $629,724. By the end of the period, the net cash available with the company was $5,251,418.

By the end of the day, the market price of the share increased by 1.183%. The share price of the company was A$1.710 with the market capitalization of A$386.33 million.


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