IkeGPS announces share placement to existing Australian, NZ investors
By Rebecca Howard
Aug. 16 (BusinessDesk) - IkeGPS, the laser measurement toolmaker, said it has received firm expressions of interest from existing Australian and New Zealand institutional and wholesale investors for a share placement.
It is currently seeking to finalise the placement of new fully paid ordinary shares to those selected existing investors, it said. It did not disclose the amount involved and company officials were not immediately available for comment.
In a first quarter business update last month, however, it said its working capital requirement would grow to $4 million to $5 million over the next 12-to-18 months, and said it was "evaluating options to fund this requirement through the raising of additional equity alongside the potential for an element of working capital debt".
IkeGPS shares are currently in a trading halt. They last traded at 32 cents and have shed 51 percent over the past 12 months.
The Wellington-based company posted a $10.7 million loss for the year ended March 31, compared to a loss of $8.8 million a year earlier, with revenue dropping 36 percent to $5.8 million. The drop reflected a weaker first half caused by "several one-off headwinds", which was followed by a return to growth in the second half, the company said. IkeGPS has projected a return to growth in 2018, forecasting more than 40 percent sales growth of its Ike4 units, more than 50 percent growth for new sales of its Spike units, and cash breakeven in the year.