AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Buddy Platform Ltd (ASX:BUD)
On Wednesday, 6 February 2019, the securities of Buddy Platform Limited were reinstated to ASX quotation after the company announced the acquisition of leading global smart light company, LIFX.
In todayâs market release, Buddy Platform announced that it has inked a binding agreement to acquire 100% of shares of the smart lighting technology company, Lifi Labs generally known as LIFX. The acquisition includes the cash consideration of US$26.5 million along with other considerations. Â
However, the transaction is dependent on the satisfaction of certain conditions including the completion of acquisition financing and shareholder approvals.
The LIFX Acquisition will reportedly be affected by way of a merger under which Buddyâs newly incorporated wholly-owned subsidiary, Buddy Apollo, Inc. will merge with LIFX.
To partially fund support the acquisition, the company also announced about raising A$18.1 million via a strongly supported placement of 226,250,000 new Shares at a discounted issue price A$0.08 per share.
The company stated that beside funding partial cash consideration from placement proceeds, it intends to procure funds via a debt financing to take care of the remaining portion of the cash consideration, being approximately US$13 million.
The company believes that the acquisition will bring a globally deployed energy and sensing platform in LIFXâs lights to Buddyâs Ohm energy monitoring product while bringing Buddy Ohmâs energy monitoring platform to LIFXâs smart lighting products. Therefore, the takeover is regarded revenue and earningsâ accretive for both the companies.
On the news of private placement offer, BUD stock price plunged 5.263% to last trade at $0.090 on 6 February 2019. The stock price has dipped by 54.76% over the past 12 months.
Axiom Mining Ltd (ASX: AVQ)
Axiom Miningâs shares tumbled 5.357% on February 6, 2019, after the Solomon Islandsâ Ministry of Mines Energy and Rural Electrification refused to review the companyâs unsuccessful prospecting licence application over Kolosori tenement. The bear market took charge immediately after the suspension of trading on Axiomâs stock got lifted in early morning trade on Wednesday, 6 February 2019.
The company first disclosed that its prospective license application over Kolosori has been unsuccessful in December 2018. But due to the strong belief that application has not been processed justly, the company requested the ministry to review its decision.
As per the latest update on Kolosori tenement, the MMERE has refused to review Axiomâs unsuccessful application to date.
Since then, Axiom noted that one or possibly two prospecting licenses have been issued to other companies over Kolosori. The company is looking for further legal justification as it believes that licenses issued to other companies have not complied with the legislative requirements and are therefore are invalid.
Axiom CEO Ryan Mount stated, âWhile the companyâs primary focus is the commercialisation of the San Jorge Nickel deposit, it will continue to vigorously defend its rights and prosecute all claims and entitlements due to Axiom under the law especially against what it believes to be a corrupt conduct. Axiom is confident of resolving this issue in favour of its shareholders.â
AVQ last traded, near its 52-week low level, at $0.053 on 6 February 2019. The stock price has declined by 62.67% over the past 12 months.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
