Forum Archive Index - May 2000

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

Clarification of SPE issue is contained below


REL: 1324 HRS Spectrum Resources Limited

BONUS: SPE:  SPECTRUM CONFIRMS RIGHTS ISSUE & FIRST ACQUISITION

Rights Issue and Bonus Option Issue
Spectrum confirms 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 
limit
the capital raising to $4.1million. The issue price of the new shares will
now be 2 cents per share.  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 
at 8
cents on or before 31 March 2002.
For the purpose of determining entitlements to the above issues the share
register will be closed at 5pm Friday 9 June 2000.
Further details will be contained in a prospectus and investment 
statement to
be issued shortly.
WEL Technology Limited
Spectrum Resources Limited also confirms 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 Hamilton-based firm WEL Technology Limited from 
WEL
Energy Group Limited.  The purchase price is $1.25 million dollars 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.
Meeting of Shareholders
A meeting of the shareholders of Spectrum Resources will be convened for
Thursday 8 June 2000 to seek approval to the change of business direction 
for
the Company and to the acquisition of WEL Technology Limited.
END

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