West Perth-based freight vehicle maintenance company Transerv Australia Ltd will raise $3.4 million through a non-renounceable rights issue to augment its working capital, the company has announced.
West Perth-based freight vehicle maintenance company Transerv Australia Ltd will raise $3.4 million through a non-renounceable rights issue to augment its working capital, the company has announced.
West Perth-based freight vehicle maintenance company TranServ Australia Ltd will raise $3.4 million through a non-renounceable rights issue to augment its working capital, the company has announced.
The full text of a company announcement is pasted below
TranServ Australia Ltd (ASX:TSV) (Company) announces that it will be offering eligible shareholders the opportunity to acquire additional fully paid ordinary shares in the capital of the Company (Shares) via a nonrenounceable rights issue (Rights Issue) on the basis of one (1) Share for every two (2) Shares held at the record date of 26 October 2007.
Shares under the Rights Issue will be offered at 1.5 cents each. The maximum number of Shares which may be
issued under the Rights Issue is 227,139,818 to raise $3,407,097.
The Company is undertaking this issue to augment its working capital in order to fund its existing operations and
to facilitate future investment opportunities.
A Notice to Shareholders outlining the Offer details will be mailed to eligible shareholders tomorrow and for informational purposes a copy of the proposed Offer Document that will be sent out in due course has been attached to this notice.
NOTICE UNDER s708AA OF THE ACT
The Company hereby notifies ASX under paragraph 708AA(2)(f) of the Act that: