GeoOp amends rights issue to get around need for Takeovers Code waiver

Mon, 19 Sep 2016

By Paul McBeth Sept. 20 (BusinessDesk) - GeoOp has changed the structure of a planned rights issue to get around the need for a waiver from the Takeovers Code for cornerstone shareholder North Ridge Partners to inject funds into the management app developer. North Ridge will invest at least $750,000 irrespective of the amount raised in the rights issue and any shortfall that would increase the firm's stake would be as non-voting shares, GeoOp said in a statement. The shares will convert to ordinary shares upon shareholder approval in lin...

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