Update on Entitlement Issue Offer
Sydney, Oct 16, 2018 AEST (ABN Newswire) - Collaborate Corporation Limited (
ASX:CL8) (Collaborate or the Company) is pleased to announce that it has received applications and underwriting commitments totalling over $820,000 (including shortfall applications) under the partially underwritten 1 for 8 non-renounceable entitlement offer of fully paid ordinary shares to existing eligible shareholders at an issue price of $0.015 each (Entitlement Issue). Therefore, subscriptions under the Entitlement Issue have reached approximately 71% of the offer.
Underwriters of the Entitlement Issue, which include existing sophisticated investors and officers of the Company, have underwritten a total of $600,000 of the $1,160,846 being offered under the Entitlement Issue.
Under the Entitlement Issue eligible shareholders are entitled to subscribe for an additional 1 Collaborate share per 8 existing Collaborate shares held on the record date under the Entitlement Issue, at a subscription price of $0.015 per Share as well as shortfall under the offer. The Entitlement Issue price represents:
- a 21.1% discount to Collaborate's closing share price on 7 September 2018, the last trading day immediately prior to announcement of the Entitlement Issue offer;
- a 22.6% discount to the 20-trading day VWAP of Collaborate's shares ending on 7 September 2018.
CEO, Mr Chris Noone said "We are pleased with the continued support provided to the Company by shareholders and especially the strong support shown by top 20 shareholders including RACV, Hishenk and Scintilla Strategic Investments."
The Directors take this opportunity to remind eligible shareholders who wish to take up their rights under the Entitlement Issue and subscribe for shortfall under the offer to ensure that cleared funds are received prior to the closing date of 5:00 pm (AWST) on Monday, 22 October 2018. Collaborate also encourages shareholders of unmarketable parcels of shares (less than $500 worth) to subscribe for shortfall under the Entitlement Issue to top up their holding to a marketable parcel of shares.
About Collaborate Corporation Ltd
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.
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