Auckland-based and ASX-listed wi-fi service provider Tomizone wants to raise about A$2 million to repay debt as a boardroom shake-up sees its one of its bondholders assume the chair.
The company successfully completed a private placement of new shares, raising A$200,000 at 1.5 cents a share, and is undertaking a pro-rata entitlement offer to raise up to a further A$1.84 million at the same price, it said in a statement to the ASX. That’s a 23 percent discount to the theoretical ex-rights price, and the funds raised will be used to redeem subscription bonds and cover working capital needs.
Tomizone also announced the appointment of Ian Bailey as chairman, replacing Tarun Kanji who resignation was effective immediately and followed la…
Read the full article at: https://www.nbr.co.nz/article/tomizone-seeks-a2m-share-issue-boardroom-shuffle-puts-wolfstrikes-bailey-charge-b-204835
