Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
IkeGPS Group, which sells a range of portable measuring devices and counts Jenny Morel's No 8 Ventures among its shareholders, said it has firm allocations from brokers and institutions for the $25 million it aims to raise next month but has abandoned plans to allow existing shareholders to sell into the offer.
The company had planned to raised up to $31 million, but the board has now decided existing shareholders won't sell any stock with the offer and instead those holdings will be subject to escrow arrangements. Details would be in a prospectus scheduled to be registered on June 23, the company said in a statement.
The share price was set at $1.10 via an institutional and broker bookbuild yesterday. The offer is expected to open on July 1 and close on July 21, ikeGPS said, adding that there would be no public pool.
No 8 Ventures, which is ultimately owned by Morel, husband and former central bank governor Alan Bollard and family interests, currently holds about 28 percent of the company. Wellington businessman Alex Knowles owns about 12 percent and former Wellington mayor Kerry Prendergast and husband Rex Nicholls hold 10.5 percent, Companies Office records show. NYSE-listed General Electric, which has a trademark license agreement with IkeGPS, owns 5.9 percent.
Net proceeds of the offer would be used to recruit sales and marketing staff and develop new products as part of a growth push.
IkeGPS's range of products allow "remote measuring and modelling of objects using a combination of measurement software, cameras, lasers, computing, GPS and 3D-compasses," according to the company. Its products have a range of applications including for military and intelligence work to "capture data, measurements and models" in "hazardous or unfriendly locations." The products can also be applied to the oil and gas industry for use in seismic surveys and asset management, and to assist in disaster management, it says.
The company currently has more than 200 electric utility and engineering customers, it says.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Dollar heads for 1.7% weekly decline after Reserve Bank rules out rate rises
- 'I guess I'm back to piracy' — Auckland man as HBO NOW follows through on cut-off threat
- Rodney Hide is wrong on climate change
- Capital gains tax, Brierley's final bat, crackdown on developers
- New violinist for NZSO's Beethoven concert