Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

SYFT Technologies’ Successfully Raises $4.4 Mil

SYFT TECHNOLOGIES’ SUCCESSFULLY RAISES $4.4 MIL

Press release, 31 August 2007, Syft Technologies Ltd, Christchurch, New Zealand: Syft Technologies Limited (Syft) announced today that it had successfully completed a $4.4 million placement to professional investors. The placement was completed at 12 cents per share.

The company, head-quartered in Christchurch, is undertaking a capital-raising in two stages to raise approximately $10 million. The first involved a placement of shares to professional investors and the second-stage is a rights issue to existing shareholders which will commence in September.

Chairman, Bill Luff, said today a total of $4.4 million had been successfully raised in the placement to professional investors.

“This is a very creditable result, bearing in mind the turmoil and volatility in global financial markets in recent weeks,” Mr Luff said.

“We appreciate the support we have received from New Zealand institutions and other professional investors. We look forward to putting the funds to work in expanding our market-reach and in further research and development of the innovative Syft technology.”

Mr Luff said the Company was at a very exciting stage in its development. It had launched the second generation Voice200TM in Europe last month and was working hard on boosting growth in global markets.

“We are now poised to launch stage two of our capital-raising. This is a one for five non-renounceable rights issue to existing shareholders, including those professional investors who took part in the placement,” he said.

“The rights issue will take place during September and October. Syft shareholders on the register on 7 September will be issued rights to subscribe for new shares at the same price, 12 cents per share, as under the placement.”

Attached to every new share allotted under the rights issue will be one free Option. Each Option will give the holder the right to subscribe for one new share at 12 cents in March 2010.

Another feature of the rights issue is that all shareholders will be able to apply for additional shares, over and above their entitlement.

Mr Luff said the capital raised would allow Syft to accelerate its growth initiatives which include:

  • Expansion of the Company’s sales activities, primarily in Europe and USA;
  • Funding the continuing development of new products and market applications;
  • Seeding the market with Voice200™, Voice200F, Voice250, Voice250M units; and
  • Continuing to extend, improve and protect the Company’s intellectual property portfolio.

The Lead Manager for the capital raising is Salvus Asset Management Limited. Hamilton Hindin Greene Limited, an NZX Market Participant based in Christchurch, is assisting Salvus in the marketing and administration of the rights issue.

For further information, please visit our website www.syft.com, or contact:

Bill Luff, Chairman
Syft Technologies Ltd
Mobile: 021 246 5447

Geoff Peck, Chief Executive Officer
Syft Technologies Ltd
Tel: 03 338 6701
Mobile: 021 222 1135

Andrew Couch
Salvus Asset Management Ltd
Mobile: 021 443035

Simon Wilson
Salvus Asset Management Ltd
Mobile: 021 711041

Adrian Vance
Hamilton Hindin Greene Ltd
Tel: 03 379 8420

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Westpac NZ: Warns About Sophisticated New Scam
Westpac NZ is warning New Zealanders about a sophisticated new scam that involves a fake Westpac investment prospectus.
The prospectus is formatted to resemble a Westpac document and includes professional-looking imagery... More>>



Campaign For NZ Coastal Tankers : Says Fuel Security At Risk

Three unions representing New Zealand shipping crews are mounting a united campaign to protect New Zealand’s fuel security and save New Zealand coastal tankers... More>>



Tourism: Travel Bubble With Cook Islands Resumes

Cook Islands tourism restarts today, ending a five-month border closure due to COVID-19. Graeme West, General Manager Australasia for Cook Islands Tourism Corporation, said today’s first flight of quarantine-free travel from New Zealand to the Cook Islands is very significant... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>

Fonterra: Revises Milk Collection Forecast
Fonterra Co-operative Group Limited today revised the forecast for its 2021/22 New Zealand milk collections to 1,500 million kilograms of milk solids (kgMS), down from its opening forecast of 1,525 million kgMS... More>>