Gamer iCandy is back after 5 months and offering loyalty options to prevent exodus
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After five months of suspension mobile game maker iCandy Interactive is back trading on the ASX — and offering shareholders a loyalty bonus if they refrain from selling.
The online game maker went into suspension in November as it sought to take over another company — and remained suspended thanks to ASX rules around share issues.
To keep frustrated shareholders sweet now that it’s back on the bourse, iCandy (ASX:ICI) is offering one loyalty option at a “nominal” price for every two shares owned.
The offer helped push iCandy’s shares up almost 10 per cent on Monday morning from 16c to 17.5c.
But the stock closed down 34 per cent at 10.5c.
The price, exercise price and expiry date are yet to be worked out. It also wants to list its existing 10c options on the ASX.
The deal iCandy was previously chasing fell over. Then in January it fell into a lengthy court process to have shares issued in October last year retrospectively approved for trading on the bourse.
iCandy wasn’t able to issue a cleansing notice after it issued those shares because it had been suspended from trading for more than five days in the previous 12 months.
A cleansing notice is a statutory notice a company must issue after placing new shares on the market as part of continuous disclosure obligations.