Shares in West Perth-based satellite communications company Comdek Ltd were up 20 per cent in early trade after re-commencing official quotation this morning, after closing its recapitalisation fund raising fully subscribed.
Shares were trading at 18c at 11:13 WST, after opening at 15c this morning.
The company raised $1.6 million through the issue of 160 million shares at one cent each, as well as allowing for oversubscriptions of 2 million shares to raise an additional $20,000.
The company also issued 40 million options exerciseable at one cent per share on or before December 31, 2009.
Upon receipt of the prospectus funds, and allotment of the new shares, $250,000 is to be paid by the company to the administrators for payment by them into the trust fund for the benefit of admitted creditors.
Comdek will consolidate its existing issued capital on a one for three basis, as well as applying an amount of approximately $9 million against lost share capital. The company will also issue 120 million new shares and 40 million options exercisable at one cent each to corporate advisor Trident Capital, after the group paid $500,000 to the deed administrators, Korda Mentha, for the benefit of creditors.
Of that $500,000, $350,000 will go to major creditor Bardev Pty Ltd.
Apart from the recapitalisation of the company, Comdek aims to continue its investment in its subsidiary Comdek Satellite Communications Ltd, which provides telephone and eftpos services to mine sites via satellite communication. Comdek aims for CSC, which has continued to trade throughout the administration period, to increase its current activities and pursue new projects.
The new proposed directors for the company are GSF Corporation Ltd director Ian Hobson, former Comdek chief executive Peter Pawlowitsch and Carnavale Resources Ltd director Peter Christie.
