Selector rights issue 50% short

Auckland-based Selector was looking to issue around 61 million rights, each exercisable for one ordinary share and one option, to raise $2.45 million.

However it says there was a total shortfall of $1.29 million in the offer, representing 32.2 million new ordinary shares and the same number of options.

The offer was partially underwritten up to $1.3 million and Selector says it will now require the syndicate of underwriters to subscribe for shares up to the total amount of their aggregate outstanding underwriting commitment.

Although some underwriters have partially satisfied their commitments by taking up new ordinary shares and options, an additional $791,048 of new ordinary shares and options will be allotted.

Selector says once the allotments have been completed, the total amount raised by under the rights issue before payment of issue expenses will be $1.952 million.

The company recently announced a full-year loss of $1.729 million on the back of sales for the year ended March of $181,000.

Selector produces stand-alone and online personnel assessment and career-planning software.

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