Forum Archive Index - May 2000

[Chris <cd@ak.planet.gen.nz>]

For Spectrum enthusiasts

SPE
17/05/2000
BONUS

REL: 1300 HRS Spectrum Resources Limited

BONUS: SPE: RIGHTS ISSUE AND BONUS ISSUE CONFIRMED

Spectrum Resources has confirmed that it plans to issue existing 
shareholders
a bonus option on the basis of 1 option for every 6 shares held and to 
have a
rights issue in the ratio of 7 new shares for every 3 existing shares 
held on
the record date.
In view of the recent share market volatility the board has decided to
limited the capital raising to $4.1m. The issue price of the new shares 
will
now be 2cps. The free option element of the issue has been retained and 
for
each 6 new shares taken up subscribers will be entitled to 1 free option 
on
the same terms as the bonus options.
Both the rights issue options and the bonus options will be exercisable 
on or
before 31/03/2002.
The record date will be 09/06/2000.
Spectrum has also confirmed  that since announcing its change of 
direction to
acquire and develop businesses operating in selected information 
technology
markets it intends to proceed with its previously announced initial major
acquisition.
It has agreed to purchase WEL Technology for $1.25m to be paid in cash and
Spectrum shares. The purchase price will increase if WEL Technology 
finalises
a major source code agreement with a leading international software 
company
for which a terms sheet has been signed and due diligence has been 
completed.
The purchase of WEL Technology is subject to shareholder approval.
A meeting of shareholders will be held 08/06/2000 to seek approval to the
change of business direction for the company and to the acquisition of WEL
Technology

End

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