GEO
30/09/2015 09:27
SPP
PRICE SENSITIVE
REL: 0927 HRS GeoOP Limited
SPP: GEO: GeoOp completes share purchase plan
GEOOP LIMITED (NZX:GEO)
Wednesday, 30 September 2015
GEO completes its Share Purchase Plan
GeoOp Limited ("GEO") is pleased to announce today the completion of its
Share Purchase Plan (SPP) which closed on Friday, 25 September 2015.
On 24 August 2015, GEO announced a placement of around $2.4 million plus
warrants of up to $0.8 million (the "Placement") to provide further working
capital to accelerate growth, particularly in the Australian and US markets,
and execute its strategic plan focused on achieving profitability. Following
the Placement, largely to new offshore investors, GEO offered each existing
eligible shareholder on the register on 4 September 2015, the opportunity to
subscribe for up to a maximum of $15,000 of GEO shares.
GEO's SPP received pleasing support with applications from 134 eligible GEO
shareholders totalling $628,000. Shares issued under the SPP have been
allotted today. As announced on 28 September 2015, the subscription price for
the SPP was set at $0.446 (being the average closing share price of GEO
shares over the 5 day period between 21 September 2015 and 25 September
2015).
Following completion of the Placement and SPP, GEO has 34,130,280 shares on
issue (plus 1,703,528 warrants which can be exercised by 31 October 2016).
GEO's Chief Executive Anna Cicognani said: "We are very pleased with the
endorsement from new and existing shareholders who have shown support for
GEO's strategy and growth plans. With the capital raising process completed
and resources in place, we can dedicate our focus to operational growth in
the key areas of: product, sales and lean operations as we drive towards
profitability.
We are frequently improving the product through new features to provide
greater value to customers, improve customer retention, grow revenue, and
further increase average revenue per user. We are excited by the growth
opportunities that we have in front of us for the remainder of 2015 and into
2016."
-- ends --
For more information please contact:
Stewart Reynolds
Chief Financial Officer and Company Secretary
Mobile: +64 (0) 21 247 2964
Email: [email protected]
About GeoOp Limited: www.geoop.com
GeoOp Limited is a New Zealand-based software company that offers complete
mobile workforce management to businesses all over the world and it's neatly
wrapped into a low cost, easy to use service with premium support.
GEO supports businesses in their journey to find more time for the important
things; providing intuitive software for devices that are already in the
hands of field workers.
End CA:00271002 For:GEO Type:SPP Time:2015-09-30 09:27:19
