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ComOps Ltd [COM] Announces Non-Renounceable Rights Issue Offer to Raise Up to $2.26 million

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18 October 2013 

ComOps Limited (ASX:COM) is pleased to announce a partially underwritten pro-rata non‐renounceable rights issue (Entitlement Offer) of up to 150,644,348 fully paid ordinary shares on the basis of one new share for every one share held by shareholders on the record date at an issue price of $0.015 (1.5 cents) per share, to raise $2.26 million (before costs).

The issue price represents a discount of 48% to the closing price of ComOps’ shares on 17 October 2013. 

Bligh Capital Securities Pty Ltd ACN 131 668 810, a Sydney-based independent advisory and investment firm specialising in corporate finance and institutional equity and sales and research (Bligh Capital) has agreed to partially underwrite the Entitlement Offer up to a maximum of 112,983,261 shares. All of the ComOps directors have committed to take up a minimum of 50% of their entitlements and to sub-underwrite up to 48,636,131 shares if there is a shortfall under the Entitlement Offer. In addition, Kestrel Capital Pty Limited ACN 061 515 062, a shareholder of ComOps has committed to take up and cause its associate to take up all of their entitlements under the Entitlement Offer and to sub-underwrite 29,677,374 shares if there is a shortfall under the Entitlement Offer. 

Mr Peter Wicks, Chairman of ComOps commented “The Rights Issue offer by ComOps is at an attractive price for our shareholders and is designed to provide funds to be used to discharge the Company’s obligations to the Australian Tax Office and other creditors under agreed arrangements after which any residual funds will be used as additional working capital to enable the Company to pursue its corporate objectives”. 

Shareholders may also elect to participate in the shortfall facility and apply for new shares in excess of their pro rata entitlements under the Rights Issue.

Click Here to read the full Media Release - ComOps Ltd [COM] announces Non-Renounceable Rights Issue Offer to Raise Up to $2.26 million

Click Here to read - Appendix_03B

Click Here to read - Notice under section 708AA(2)(f) of the Corporations Act 2001