Shares in Perth-based Odin Energy have skyrocketed on news it plans to exit the resources industry by acquiring a tech company and re-list through the backdoor.
Odin has entered into a memorandum of understanding with Singapore-based GridComm, which owns technology that creates a data network over a city’s power lines to enable street light control and ‘smart city sensor data’ communications.
News of the proposed acquisition sent Odin shares soaring, up by 1,100 per cent to 2.4 cents a share at 11:30am.
“GridComm is a technology company that enables data communications across existing power grid systems of cities to achieve a level of control and cost savings not previously possible,” Odin said in a statement.
“The company believes it has the most reliable power line communication system.”
GridComm has already deployed its network in areas in Jakarta, Singapore and several Chinese cities.
Terms of the acquisition are yet to be finalised, however Odin plans to wrap-up a due diligence period by mid-December, and lodge a prospectus by March next year.
