Evans & Tate shell re-enters ASX

The listed shell of winemaker Evans & Tate has today come out of a long-term trading suspension with its share price surging to a high of four cents, after news it would move to the technology sector.

Shares in ETW Corporation leapt from its last traded price of one cent to four cents on the Australian Securities Exchange, before easing back to 2.3c at 13:08 AEDT.

The re-entry to the ASX follows a completed $3 million capital raising last week, which will be used to acquire UK company Alexium.

Alexium is a Cyprus-registered company that owns a patented process called 'reactive surface technology', a treatment applied to standard textiles to protect wearers in the event of a chemical or biological threat.

The technology was developed for the United States Air Force.

The acquisition and the capital raising are subject to shareholder approval, with a meeting scheduled for next month.