IkeGPS is seeking to raise funds for more acquisitions. Photo / File
IkeGPS is seeking to raise funds for more acquisitions. Photo / File
Dual-listed measurement solutions company IkeGPS Group (IKE) is seeking to raise A$18.3 million ($19.2m) through a share placement to position itself for future acquisitions.
On completion of the placement, IKE expects to offer a share purchase plan to all eligible shareholders under which it would seek to raise A$3m.
Thecompany expects to offer shares to eligible shareholders under the plan at the same price as shares issued under the share placement.
"IKE proposes to carry out the share placement and the share purchase plan in order to ensure it is well capitalised to execute on potential future acquisition opportunities as those opportunities arise, as well as to fund organic growth opportunities," it said in a statement.
In January IKE signed an agreement to acquire certain assets of Visual Globe LLC, a US-based artificial intelligence software company that specialises in the automated analysis of power poles.
That deal involved an initial payment of US$3.3m ($4.7m) in cash and with a potential earn-out component comprising up to an additional US$4.99m of cash and up to US$2.1m of IKE shares, assessed over the three years to March 31, 2024.
IkeGPS has gone into a trading halt while the capital raise takes place. Trading is expected to resume mid-week, if not earlier.
