First there was FRR Corporation, then it was Hamilton James & Bruce Group. Now the smart money has turned its attention to another shell company, INT Corporation.
INT is a $4.5 million shell; a former IT services company once known as Intermoco and former resources hopeful Gawler Gold & Mineral Exploration.
It has been picked up by the Ironbridge/ex-Goldman Sachs raiders, who seem to be working through the ASX’s shell companies one by one.
Ironbridge’s Mike Hill has taken a 5.4 per cent stake in the business, while former Goldman Sachs equity capital markets boss Michael Everett has 8.4 per cent.
Brokers are waiting for their next move. Once again, the new owners reckon they want to look at relaunching the former INT. Exactly what they see in the outsourced services and utilities software provider isn’t known. However, the pair have form in making a buck.
Elsewhere, medical devices company SomnoMed raised $7 million through Wilson HTM on Thursday.
As first reported by Street Talk online, it is understood the new shares, priced at $1.50 each, were sold in an institutional placement on Thursday, and would be followed by a share purchase plan.
The bulk of the 3.7 million share placement went to existing institutional shareholders, while the SPP was to raise up to another $1.5 million.
The offer comes only one day after SomnoMed released a better than expected fourth-quarter result.
SomnoMed sold 11,973 units in the fourth quarter, which was about 400 more than analysts expected and took the 2014 financial year tally to 43,000 units. The company makes and sells oral devices to treat sleep apnoea.
AHL Price at posting:
2.0¢ Sentiment: None Disclosure: Held
