Sky and Space Global completes Priority Offer in excess of $ 3 mn; stock rises 3.6%

  • Mar 18, 2019 AEDT
  • Team Kalkine
Sky and Space Global completes Priority Offer in excess of $ 3 mn; stock rises 3.6%

The Perth, Australia-based Sky and Space Global Ltd (ASX: SAS), is engaged in developing and operating the first-ever communication networks based on nano-satellite technology for commercial use across varying sectors including telecommunications and international transport industries. For this, the company constructs high-tech software systems that deploy and monitor communication network in space to offer global coverage.

On March 18th, 2019, Sky and Space Global announced to have completed the Priority Offer (PO), announced to the market on February 20th, 2019, upon receiving solid shareholder support. The PO closed oversubscribed as SAS received more than $ 3 million in valid applications at $ 0.03 per share. The company’s board has declared to accept all oversubscriptions to remain well-funded ahead of the launch of the Pearls constellation nano-satellites. Under the PO, new shares and options, subject to shareholder approval, are scheduled to be issued to applicants on April 12th, 2019. The approval from ASX for the quotation of new shares and options granted under the offer is expected to be received on April 15th, 2019.

On February 20th, 2019, the company had received signed binding commitments to raise ~ $ 12 million through a share placement in two tranches to sophisticated and professional investors.

Under the PO, the eligible shareholders were allowed to subscribe for a maximum of $ 15,000 in new fully paid SAS ordinary shares, raising up to $ 3 million with an allowance of up to $ 1 million in oversubscriptions. Besides, it also offered a free option for every share issued, with an exercise price of $ 0.05 and an expiry date of three year from the date of issue.

The first tranche of AUD 7,815,107 of the placement was received on February 22nd, 2019 and the second tranche of AUD 4,184,893 is estimated to be received in April 2019, following shareholders’ approval.

As per the financial report for the half-year ended December 31st, 2018, the loss after income tax attributable to members of the parent entity amounted to $ 3.18 million, down on $ 5.08 million recorded in the prior corresponding period (pcp) ended December 31st, 2017. The company net assets were valued at $ 19.74 million as of December 31st, 2018.

Besides, the net cash and cash equivalents stood at $ ~ $ 1.42 million. There were significant cash outflows of $ 4.03 million from operating activities primarily due to payments to suppliers and employees. Besides, the investing and financing activities also contributed to cash outflows of $ 3.15 million and $ 66.7k respectively. During the concerned period, SAS achieved significant milestones and made inroads in securing more strategic partnerships and agreements with companies worldwide.

SAS has a market cap of AUD 58.98 million to date. On March 18th, with the close of the trading session, the SAS stock price stood at AUD 0.029, up 3.571%, depicting an intra-day gain of AUD 0.001.


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