Boyz what do you guys think about this one. It was announced in Late Dec that Select Exploration will be doing a Reverse Takeover of this one. But the SP of Select didn't go Gangbusters at all. Is it because the business is not good or Investors want to wait and see until it really happens as the Original Time Table was months away when this was announced in Dec. It will be a fixed 20C consolidation so at the current SP of 0.006c it should be a 33 to 1 consolidation and the 2 Lead brokers are closing the books at Midday tomorrow. One of the broker contacted me saying that the demand from instos is very high and this is only an S708 raising this $7.5 mil to $10 mil. Apparently the Trading Halt should be lifted once the brokers close the bids Tomorrow at 12PM. Do you think the SP will spike once the announcement is made tomorrow or Friday. Is it worth a punt. Kati, John and Dimaz plus others your feedback tonight is highly appreciated.
Rent.com.au raising up to $10 million
EDITED BY SARAH THOMPSON, ANTHONY MACDONALD AND JAKE MITCHELL
Digital rental classifieds business Rent.com.au is seeking to raise up to $10 million as part of its backdoor listing through former copper, gold and nickel explorer Select Exploration.
Select, an ASX-listed shell company with a $2 million market capitalisation, went into a trading halt on Tuesday morning as Rent’s brokers sought support for the equity raising.
Rent was seeking to raise $7.5 million to $10 million at 20¢ a share. The shares were being offered at the same price issued to Rent vendors and Select’s current share price on a post-consolidation basis.
If successful, Rent would re-list with a $20 million to $22.5 million market capitalisation and up to $10 million cash balance.
Rent was being marketed as Australia’s No.1 dedicated rental property-focused website, which wanted to create one marketplace for renters, agents and landlords.
Joint lead managers Baillieu Holst and GMP Securities were calling for bids by midday on Thursday.
