Stirling heads dot.com

Junior explorer Stirling Resources NL has followed the path of its peers and taken a dive into the dot.com sector’s financial waters.

The company has agreed to acquire the issue capital of AutoNet.com Limited.

The move could result in major corporate changes for Stirling.

The Stirling board considered it “prudent” to pursue investment opportunities in the new economy which offered growth in value for shareholders.

The board considers AutoNet to be an attractive acquisition, believing the company to have an excellent management team, a growth business and increasing cash flow.

Stirling shares have been suspended on the bourse and it is now required that new ordinary shares have a minimum issue price of 20 cents.

To achieve this, the company will have to consolidate its capital on a 2.5 for 1 basis.

These issues, and several other proposals affecting the future of the company, will be resolved at an annual general meeting on 29 May.