Ascent seeks $1.8m to recapitalise WorldAudio

Corporate revivers Ascent Capital Pty Ltd are seeking $1.8 million to revive failed media player WorldAudio Ltd which owns numerous analog radio licences and a facility at Geraldton.

In a prospectus lodged with the Australian Securities and Investments Commission, the company - now renamed WAG Ltd - said it plans use the funds to continue its ongoing operations and invest in the acquisition or development of new opportunities in the general media and communications industry.

"The directors propose to continue broadcasting from the facility located at Geraldton, Western Australia and, over time, expand the activities of the company," the prospectus states.