Corporate: Hastings shareholders avoided rights issue; but this investor just put in $3.5m
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Hastings Technology Metals (ASX: HAS) shareholders gave the rare earths stock’s $16 million rights issue the cold shoulder… except one investor who put in another $3.5 million.
It was left with a $10 million shortfall in a capital raise where it controversially denied retail investors the options institutional investors did.
But Malaysian entrepreneur Mark Chang Mun Kee has put another $3.5 million into the company.
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Chang founded JobStreet.com in 2000 – Southeast Asia’s Seek. He still serves as its chief executive and owns 51.6 per cent of the company.
He is also a board member of Malaysian listed tech stock ViTrox Technologies and data intelligence stock Innity Corporation.
According to Bloomberg, he also owns 1.5 per cent of Jayex Healthcare (ASX: JYX).
Owning 8.5 per cent of Hastings, he is the second largest shareholder behind Charles Lew who also put in his money to fund the shortfall – $1 million to be specific.
The company’s most recent capital estimate was $427 million over the life of the project. But it has applied to debt finance provider Eruler Hermes for debt finance. Hastings are currently discussing a 10-year off-take agreement with Schaeffler.
AdAlta (ASX: A1D) founding CEO Samantha Cobb has resigned after 12 years. During her tenure the company has gone from a startup to an ASX-listed company about to commence clinical trial with its anti fibrosis drugs.
Cobb “has imparted leadership and energy during her time at AdAlta and hands over a robust team and product development program, which enables the company to execute upon the opportunities ahead of it”, according to chairman Paul MacLeman. While no reason was given for her departure, she will remain at the company until a transition is complete. The company is searching for a new CEO.
West Australian IT provider Empired (ASX: EPD) has announced full year results and earnings are $15.3 million from $176 million in revenue. However a non-cash impairment charge drags this to a $15.3 million loss after tax. The company has said this relates to superseded software assets.
The company has used this morning’s announcement to boast the increasingly recurring nature of its revenue and its prediction of a strong performance this financial year.