West Perth-based satellite communications company Comdek Ltd has announced plans to recapitalise through a $1.6m share issue, after appointing receivers in February this year.
The company will issue 160 million shares at 1c each, as well as allowing for oversubscriptions of 2 million shares to raise an additional $20,000.
Upon receipt of the prospectus funds, and allotment of the new shares, $250,000 is to be paid by the company to the administrators for payment by them into the trust fund for the benefit of admitted creditors.
Comdek will consolidate its existing issued capital on a one for three basis, as well as applying an amount of approximately $9 million against lost share capital. The company will also issue 120 million new shares and 40 million options exercisable at 1c each to corporate advisor Trident Capital, after the group paid $500,000 to the deed administrators, Korda Mentha, for the benefit of creditors.
Of that $500,000, $350,000 will go to major creditor Bardev Pty Ltd.
Apart from the recapitalisation of the company, Comdek aims to continue its investment in its subsidiary Comdek Satellite Communications Ltd, which provides telephone and eftpos services to mine sites via satellite communication. Comdek aims for CSC, which has continued to trade throughout the administration period, to increase its current activities and pursue new projects.
The new proposed directors for the company are GSF Corporation Ltd director Ian Hobson, former Comdek chief executive Peter Pawlowitsch and Carnavale Resources Ltd director Peter Christie.
The offer will open on November 1 and close November 17.
