ITC seeks 100M share permission

Shareholders will be asked at the company's AGM at the end of the month to authorise the issuing and allotment of up to 100 million more ITC shares.

The shares will be issued within six months of approving the resolution, at an issue price per share of not less than 90% of the weighted average sale price for the ten days trading on the NZSE prior to the allotment.

ITC says the purpose of the resolution is to allow it to raise further capital when required so it can take advantage of future investment opportunities without having to obtain further shareholder approval.

"Such investment opportunities may include add-on financing for the company's existing investments in portfolio companies as appropriate, and new investments in information technology businesses," ITC says in a statement.

Earlier this year the company issued and allotted 4.38 million shares to raise $2.95 million. The money has been used to provide general working capital for the company.

ITC's most recent investment was in Australian B2B company Streamlink in April for A$1 million. Streamlink went into voluntary administration at the end of last month.

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