TranServ to raise $3.4m in rights issue

By Edited announcement
Thursday, 18 October, 2007 - 12:24
Category: 
Financial Services

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:

  • The Company will offer the Shares for issue without disclosure to investors under Part 6D.2 of the Act;
  • The Company is providing this notice under paragraph 2(f) of section 708AA of the Act;
  • As at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company;
  • As at the date of this notice, the Company has complied with section 674 of the Act; and
  • As at the date of this notice, there is no information:
  • That has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and
  • That investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
  • The assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or
  • The rights and liabilities attaching to the Shares.