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GeoOp plans two-for-one share consolidation to boost price

GeoOp plans two-for-one share consolidation to boost price for ASX listing

By Jonathan Underhill

July 19 (BusinessDesk) - GeoOp, the unprofitable management app developer, plans a two-for-one share consolidation aimed at lifting the price of its stock enough to qualify for an ASX listing.

The consolidation was approved by its board today. It will shrink the number of shares on issue to 38.2 million from about 75 million currently.

"The rationale for the consolidation is that Geo is required to have a minimum share price of AU$0.20 in order to list on the ASX," the company said in a statement.

The stock last traded on the NZX at 22 cents before being suspended, amounting to 20.4 Australian cents using the current exchange rate. Last week GeoOp shareholders approved plans to relocate to the ASX from the NZAX and raise funds via an initial public offering that could dilute their holdings by as much as 40 percent.

GeoOp's shares were suspended from trading on June 29 pending last week's meeting and the suspension was extended by NZX Regulation until either GeoOp formally delists or cancels its plan to move to the ASX.

GeoOp must achieve a post-IPO capitalisation of A$15 million under the ASX listing requirements in order for the listing to proceed. GeoOp went public in 2013, selling shares at $1 apiece in a private offer before its compliance listing on the NZAX Alternative Index. The stock last traded on the NZAX at 22 cents, giving it a market capitalisation of $16.3 million. The move to an ASX listing would follow its business, with Australia now accounting for 60 percent of sales and its management team already across the Tasman.

GeoOp's products include GeoServices, for mobile workforce and job management, and GeoSales, a mobile sales workforce management app, and it is soon to launch its GeoCare mobile human services management tool. The company has 27,000 clients in 30 countries, including the Auckland Council, Downer and TrustPower.

(BusinessDesk)

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