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On September 27, 2019, S&P/ASX200 ended the session in green, as the index rose by 38.5 points or 0.6% on an intraday basis to end at 6716.1, while All Ordinaries rose by 0.6% or 38.5 points to close at 6824.1. Coming to the performance of stocks, Speedcast International Limited (ASX:SDA) and IDP Education Limited (ASX:IEL) rose by 16.901% and 6.208%, respectively and BINGO Industries Limited (ASX:BIN) and St Barbara Limited (ASX:SBM) fell by 3.509% and 2.98%, respectively.
Recently, we gave some details regarding the management commentary of CV Check Ltd (ASX:CV1). To view, please click here.
City Chic to Bid for E-Commerce Assets
City Chic Collective Limited (ASX:CCX) has been nominated as Stalking Horse Bidder for assets of Avenue Stores, LLC, which will be sold through auction in early October. The acquisition would give access to the US plus size market. Following are the key pointers:
- Avenue Stores has entered Chapter 11 bankruptcy, leading to the sale of assets.
- Stalking Horse offer for e-commerce assets is worth USD 10 million.
- If the acquisition is successful, the company will finance it using cash and debt.
Key Update of LiveTiles Limited
Global software company, LiveTiles Limited (ASX:LVT) has announced following Board changes:
- Dana Rasmussen has been appointed as a Non-Executive Director.
- Cassandra Kelly has resigned from the Board.
It was also stated that the Board is actively searching for additional Non-Executive Director.
IAP Wraps Up Institutional Placement Amounting to A$84 million
Investec Australia Property Fund (ASX:IAP) has successfully wrapped up a fully underwritten institutional placement to garner approximately $84 million via the issue of 55.57 million new fully paid ordinary shares at a price of A$1.52 per share.
Proceeds from the placement would be directed towards the financing of acquisition by the wholly owned sub trusts of IAP of portfolio of 3 industrial properties for a combined consideration amounting to AUD 81 million with initial yield of 7.3%, and part of associated transaction costs. Readers need to note that:
- New units would settle in October 2019
- Allotment and normal trading of the new units on ASX would occur on October 2, 2019.
De.mem to Issue 14.755 New Ordinary Shares to Raise $2.95 million
De.mem Limited (ASX:DEM) has received commitments for around $2.95 million of new investment from a group of high-quality institutional and other investors via the placement of ordinary shares. The following points are worth reading in this regard:
- mem would issue 14.755 million of new DEM shares, once the company receives the committed capital.
- Additional capital has been raised in anticipation of new Build-Own-Operate contract awards.
- Growing Build-Own-Operate revenue is important part of the companyâs growth strategy.
Speedcast Announced An Appointment of 2 New Board Members
Speedcast International Limited (ASX: SDA) came forward and made an announcement about the appointment of Peter Shaper and Joe Spytek as the Independent Non-Executive Directors.
- Peter Shaper happens to be a partner of Houston-based private equity firm Genesis Park and has extensive business and Board experience when it comes to the satellite communication sector;
- Joe Spytek has over 25 years of experience with regards to the leadership as well as international business. He has served as Founder as well as CEO (or Chief Executive Officer) of ITC Global, which provides end-to-end satellite communications.
SDA Daily Technical Chart (Source: Thomson Reuters)
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