Sealegs Rights Issue Details
08 May 2008
8 May 08
Sealegs Rights Issue Details
Sealegs Corporation Limited (NZX:SLG) has confirmed further details of the rights issue initially announced at its 2007 Annual General Meeting.
Sealegs intend to proceed with the proposed rights issue on the following basis:
• 1 new ordinary share in Sealegs will be offered under the rights issue for every 5 fully paid existing shares held on the applicable record date
• The rights will be renounceable.
• The price of new shares issued under the rights issue will be 25 cents per share.
• If fully subscribed the rights issue will raise up to $3.296M.
• The company is aiming to register a prospectus and circulate an investment statement for the rights issue by 2 June 2008.
The board has, at this stage, yet to determine whether the rights issue will be underwritten.
The board intend to invest capital raised in the rights issue in:
• building in-house manufacturing resource;
• margin improving design initiatives;
• product development; and
• expansion into new international markets
No money is currently being sought by Sealegs and no application for securities will be accepted or money received in relation to the rights issue unless the subscriber has received an investment statement for that offer.
