Rakon sells 17% stake to Taiwan's Siward at 115% premium to stock price to repay debt

Mon, 19 Dec 2016

By Paul McBeth Dec. 20 (BusinessDesk) - Rakon will raise US$10 million from Siward Crystal Technology, selling shares at a 115 percent premium, which it will use to repay debt while gaining a new partner with an established crystal manufacturer. Auckland-based Rakon will sell 38 million shares, or 17 percent of the company, at 37 cents apiece to Taiwan Stock Exchange-listed Siward in a placement that is expected to settle on Feb. 15, it said in a statement. As part of the deal, Siward will appoint a director to Rakon's board, which faced...

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