14/08/2008 - 14:40

TheBuzz Corp revises $5m offering

14/08/2008 - 14:40

Bookmark

Upgrade your subscription to use this feature.

A legal technicality and market volatility has put a stop to TheBuzz Corp Pty Ltd's $5 million capital raising, with the Nedlands-based telecommunications company forced to change its plans.

A legal technicality and market volatility has put a stop to TheBuzz Corp Pty Ltd's $5 million capital raising, with the Nedlands-based telecommunications company forced to change its plans.

The Australian Securities and Investments Commission has placed a final stop order on the unlisted WA company's raising.

Chief executive Kevin Fynn told WA Business News that in order for the company to raise $5 million, it first had to change its legal status to a limited company before it issued an offer information statement.

Additionally he said market volatility had not been conducive.

The company had intended to offer shares at $1.40 each to raise $5 million in order to expand its subscriber base for its low-cost VOIP telephone calls that do not require broadband access.

Mr Fynn said the company has revised its raising document and is now planning a $2 million raising which does not require any paperwork to be lodged with ASIC.

Mr Fynn added that if the amount of subscribers reached 50,000 then the company would consider a listing on the ASX.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options