Norwood Systems Releases Prospectus For Non-Renounceable Entitlement Issue.

  • Mar 26, 2019 AEDT
  • Team Kalkine
Norwood Systems Releases Prospectus For Non-Renounceable Entitlement Issue.

Norwood Systems Limited (ASX: NOR) is into the development and delivery of global mobility and roaming solutions for multi-national organizations. The Company offers a cloud-based alternative roaming service that delivers international roaming solution leveraging non-cellular networks. Norwood Systems serves its customers worldwide.

The company, today on 26 March 2019, has reported that it is undertaking a partially underwritten, pro rata non-renounceable entitlement issue of 1 fully paid ordinary share (Share) for every 4 shares held by eligible shareholders at an issue price of $0.003 per Share to raise up to approximately $1,133,391 together with 1 free attaching option (Option) for every Share issued, exercisable at $0.008 per Option on or before 31 October 2020.

The Offer record date would be Friday, 29 March 2019. The eligible shareholders will comprise those shareholders with a registered address in Australia or New Zealand. The Offer is partially underwritten up to $1,083,391 by Pinnacle Corporate Finance Pty Ltd. The Underwriter will be paid an underwriting fee of 5% of the total dollar amount underwritten by the Underwriter under the Offer, which would be approximately $54,169, & a management fee of 1% of the total dollar amount underwritten by the Underwriter under the Offer which would be roughly $10,834 and an additional $10,000 as monthly retainer fee payable up to and including May 2019. In addition, the Company has agreed, subject to obtaining shareholder approval, to issue the Underwriter or its nominee 20,000,000 Options as part consideration for services provided to the Company in connection with the Offer. The offer is expected to close on Tuesday, 23 April 2019 and the Issue date shall be Tuesday, 30 April 2019. The proposed date for Prospectus and personalized Entitlement and Acceptance Forms sent out to Eligible Shareholders would be Monday, 1 April 2019

Shares issued under the Offer will rank equally with existing Shares on the issue on the record date. The Company will make an application for an official quotation of the new Shares proposed to be issued under the Offer. Share entitlements are non-renounceable and will not be tradeable on the Australian Stock Exchange (ASX) or otherwise transferable.

Up to approximately 377,796,853 Shares and 377,796,853 Options will be issued according to the Offer. The Options are proposed to be quoted on the Australian Stock Exchange (ASX), subject to ASX granting official quotation. Shareholders who don't take up all or any part of their entitlement will not receive any payment or value in respect of the entitlement not taken up, and their equity interest in the Company will be diluted.

On the price-performance front, the stock has posted the YTD return of -40%. NOR’s shares last traded at a price of A$ 0.003 with a market capitalization of ~A$ 4.33 Mn. It had a 52-week high price of $ 0.014, with an average volume of, 2,279,292 approximately.


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