Two very different Perth companies, tech start-up Pointerra and precast concrete manufacturer WestStar Industrial, have begun trading on the ASX today after completing their respective reverse takeovers.
Two very different Perth companies, tech start-up Pointerra and precast concrete manufacturer WestStar Industrial, have begun trading on the ASX today after completing their respective reverse takeovers.
Pointerra, which has developed a data as a service solution for managing, distributing and visualising massive three-dimensional point cloud data sets, recently raised $5 million in a capital raising that was priced at 3 cents a share.
At midday, its shares were worth 4.1 cents each.
The company is led by Perth-based entrepreneur Rob Newman and company director Ian Olson, and listed on the ASX through the reverse takeover of Soil Sub Technologies.
Pointerra’s capital raising was brokered by RM Corporate.
Precast concrete business WestStar, formerly known as Perth Precast, also began trading on the ASX today, after completing a reverse takeover of Antares Mining.
WestStar, which manufactures precast concrete out of its facility in Kwinana Beach, completed a $3 million capital raising at 5 cents a share as part of the deal.
Its shares were flat at 5 cents each at midday.
The raising was lead managed by Sanston Securities, with Lavan Legal acting as solicitors and BDO as auditors.
It’s been a rocky start for WestStar, with the company currently involved in two proceedings in the District Court.
It is also facing a potential claim from a third party for liquidated damages, due to delays to a work program.
“Whilst (the company) is defending these claims, there remains a risk that the respective applicants in the District Court proceedings and claimant n relation to the claim for liquefied damages will be successful in their claims,” WestStar said in its prospectus.
“WestStar is therefore currently exposed to the risk that it may need to satisfy those claims in the future and if so, it could have a material impact on WestStar’s financial position.”
WestStar’s top clients include Laing O'Rourke, CIMIC Group, John Holland and Decmil Group, with the Laing O'Rourke precast concrete supply contract alone worth nearly $2 million.
The company’s general manager, Robert Spadanuda, was previously chief executive of Conspect Construction for 12 years until it went into administration in 2014.
During peak operational times, Conspect was employing 200 staff.
Meanwhile, Race Oncology is due to begin trading on the ASX tomorrow after completing its reverse takeover of unlisted company Coronado Resources.
A US-based biotech, Race owns technology relating to a cancer chemotherapy drug called Bisantrene.
The company engaged CPS Capital Group to lead manage a $4.3 million capital raising at 20 cents a share, with Steinepreis Paganin as solicitor.
Last week, Sydney-based tech startup Nvoi began trading on the ASX after wrapping up its reverse takeover of Perth company Orrex Resources in an $8.15 million deal.
Nvoi, which provides businesses with an on-demand platform for securing talent for typically white-collar jobs, raised $8 million from investors through a capital raising priced at 6 cents each.
At midday, Nvoi shares were worth 10 cents each.
