libertyresourcescirrus networks- offer closed oversubscribed
TRANSCRIPT
ASX Announcement ASX:LBY ASX:CNW 9th June 2015
CLOSE OF OFFER UNDER PROSPECTUS DATED 15 MAY 2015 – OFFER OVER SUBSCRIBED, $5m RAISED
The offer under the Prospectus issued by Liberty as part of the relisting and capital raising process of the Company for its acquisition of Cirrus Networks Pty Ltd (“Cirrus”) has closed, raising $5m and was oversubscribed.
The Company will re-commence trading on ASX under the new name “Cirrus Networks Holdings Limited”, with the ticker CNW, following completion of all ASX conditions to re-comply with Chapters 1 and 2 of the Listing Rules.
Liberty will now proceed to settlement of the Cirrus Acquisition and other compliance procedures.
The Company has successfully raised the maximum $5 million through its recent prospectus and received bids significantly in excess of this amount. As announced on 28 October 2014, the Company entered into a Heads of Agreement with Cirrus which granted it an exclusive option to acquire all of the issued capital of Cirrus. That option was exercised on 27 January 2015. The Cirrus Acquisition was approved by Shareholders on 22 May 2015. Cirrus is an Australian based Information Technology (“IT”) solutions integrator that provides an independent, flexible approach to advising, integrating and managing IT “cloud” infrastructure. Cirrus has advanced technical skills in the fundamentals of cloud technology and its ability to drive beneficial change for clients. Cirrus has identified growth opportunities across Australia with current and potential clients who are seeking to reduce operating costs through the better use of technology. Cirrus provides and implements state of the art hardware and software systems for its clients. Cirrus currently has some of Australia’s premier companies as customers including Argyle Diamonds, Western Australia Police, Roy Hill Iron Ore, LandCorp, Independence Group NL, Tronox Ltd, Emeco Holdings Ltd and Keystart Home Loans.
The Company wishes to thank its existing Shareholders for their support and thank and welcome new Shareholders that have joined the register as part of the capital raising. Yours faithfully
Andrew Haythorpe Managing Director Catherine Anderson Company Secretary For further information, please contact: Frank Richmond Managing Director [email protected]