Join our daily newsletter At The Bell to receive exclusive market insights
- Structural Monitoring Systems (SMN) has begun the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until January 12 or when more details are released, whichever occurs first
- On November 29, SMN announced that its previously announced non-renoiunceable rights issue has been postponed until the new year due to COVID-19 concerns
- In October, the company announced it would be undertaking a $10 million capital raising, subject to market conditions and requisite shareholder approval
- Shares in SMN last traded at $0.72 on January 7
Structural Monitoring Systems (SMN) has begun the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until January 12 or when more details are released, whichever occurs first.
SMN is yet to disclose how much it intends to raise or what it will use the funds for once received.
On November 29, SMN said its previously announced non-renounceable rights issue had been postponed until the new year due to COVID-19 uncertainties.
Prior to that, in October, the company announced it would be undertaking a $10 million capital raising to existing shareholders.
The raise was subject to prevailing market conditions and requisite shareholder approvals, which SMN said it planned to seek at a general meeting.
Meanwhile, SMN revealed it is in discussions with its largest shareholder, Drake Private Investments, to transition to a more independent board.
As a result, Michael Reveley has resigned and Bryant Mclarty was appointed to the board to aid with the transition.
Additionally, Steve Forman agreed to transition from his roles as Director and Head of Investor Relations to Head of Investor Relations.
Recruitment has begun and updates will made as it progresses.
Shares in SMN last traded at $0.72 on January 7. The company has an $88.39 million market cap.
