Cycliq seeks ASX listing

A Leederville-based company that makes camera and lighting accessories for cyclists is seeking an ASX listing through the reverse takeover of Voyager Global Group.

Voyager plans to exit the energy sector and relist through the backdoor by acquiring Cycliq, a local company which makes high-definition camera and light accessories for cyclists.

Cycliq, which has previously featured as a Business News app/tech business of the week, sells its products in over 25 countries.

The accessories are used by cyclists to record and capture action and incidents that happen on the ride.

Cycliq is run by chief executive Andrew Hagen and chief financial officer Kingsley Fiegert.

Under the terms of the deal, Voyager will wholly acquire Cycliq in exchange for 220 million shares, worth $4.4 million, and $4 million worth of performance shares (valued at 2 cents each) on the provision that Cycliq either records an EBITDA of at least $3 million or earns $30 million in revenue within four financial years of the acquisition’s settlement.

In order for Voyager to comply with ASX relisting rules, it will be required to complete a minimum $2.5 million capital raising at 2 cents per share.

Voyager also plans to raise $500,000 through a one-for-one rights issue at the same price.

If the deal is successful, Voyager will be renamed to a title of Cycliq’s choosing, while two existing Voyager directors will be replaced by a new board nominated by Cycliq.

“We are excited to have this opportunity with Cycliq which upon completion will better position our company internationally and allow its securities to be re-instated to trading on the ASX improving liquidation for our shareholders,” Voyager director Piers Lewis said.

The company hopes to be reinstated to trade on the ASX by the end of August.

Voyager shares haven’t traded since October 2014.