Rocom key transaction approved

By Phil Boeyen, ShareChat Business News Editor

Friday 19th January 2001

Rocom Wireless (NZSE: ROC) shareholders have approved the company's purchase of telecommunications distributor Rocom and also given the go-ahead to raise the $1.8 million cash needed for the purchase by issuing further shares.

Rocom Wireless listed on the New Capital Market in August 2000, citing the purchase of Rocom as its key transaction.

The company will pay $1.8 million cash plus issue up to 6.2 million Rocom Wireless shares for Rocom.

The subsequent public offer of 3.6 million 50-cent shares in Rocom Wireless to raise the cash component will open next Wednesday and close on February 14th.

Rocom Wireless shares rocketed into the market last August when the company first listed, more than doubling in value within weeks, but have been trading between their 50-cent issue price and 60 cents for the past month.

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