The IPO for 1414 Degrees has been well supported. To date we have received over 1,600 applications for over $15 million, but we are yet to reach the required minimum subscription to close the offer. However, the applications to date, including yours, will be sufficient for the Company to achieve its main commercialisation objectives. This level of support in the IPO, for our early stage technology, is testament to the growth proposition of our Company.
The Directors of 1414 Degrees are of the view that the key commercial objectives of the Company’s growth business plan can be satisfied by a reduced subscription amount, and have accordingly adjusted the program to focus on proving the scaled-up technology at the three pilot project sites.
The Company has issued a second supplementary prospectus with the following terms:
- minimum subscription amount reduced to $12.5m;
- free bonus loyalty options to be issued to applicants on a 1:4 basis;
- and a closing date of offer extended to Monday, 13 August 2018.
Sales interest continues from potential customers, ranging from large corporations to smaller communities and industries. Our team is looking forward to meeting the expectations of these customers with our versatile devices. As we complete the first TESS-IND and GAS-TESS devices, our team continues to develop ideas to drive down the costs and innovate the designs of the TESS technology. The TESS-STEAM device, in particular, offers a low-cost future solution for many applications.
Matthew Johnson, Chief Technology Officer, shares his thoughts on what
can be achieved under the new offer.
The TESS-IND and GAS-TESS are nearing completion, which has been supported by $15m previously invested in the Company from existing shareholders and government grants. For an update on current progress from our Head of Engineering, Isaac Mathwin, click here.
To recognise and reward the loyalty and support of Applicants during the offer period, the Company will be providing free Bonus Loyalty Options – 1 option for every 4 Shares, with an exercise price of 35 cents and an expiry date of two years after issue. Every applicant who has submitted a valid application before 5pm (AEST) on Monday, 13 August 2018 is eligible, this includes applications already received by the Company.
For clarity, the options provide holders with the right, but not the obligation, to pay for a share in 1414 Degrees at the fixed price of 35 cents for two years from the date of issue. The Company will seek quotation of the options which will mean they can be traded on the ASX before they are exercised.
For further information regarding options, please refer to ASIC’s MoneySmart website and the ASX options course.
The prospectus and the second supplementary prospectus can be downloaded by clicking here. If you wish to apply for shares and as a result, bonus loyalty options, you can do so by completing an application online, available at 1414degreesoffer.com.au.
If you have any questions about the offer please direct them to our Share Registrar, Computershare, on:
1300 556 161 (within Australia)
+61 (0)3 9415 4000 (outside Australia)
Monday to Friday, 9:00am to 5:00pm (AEST)
1414 Degrees Limited (ACN 138 803 620) (1414 Degrees) lodged a prospectus with the Australian Securities and Investments Commission (ASIC) on 28 May 2018, as supplemented by the Supplementary Prospectus dated 14 June 2018 and the Second Supplementary Prospectus dated 13 July 2018 (Prospectus). The Prospectus replaces the prospectus dated 30 April 2018, which was lodged with ASIC on that date. Under the Prospectus, 1414 Degrees invites prospective investors to apply for fully paid ordinary shares in the Company (Shares) (and as a result, Bonus Loyalty Options on a 1 for 4 basis).
Offers of Shares (and Bonus Loyalty Options) will be made in, or accompanied by a copy of the Prospectus. The Prospectus has been issued in paper form, and any person in Australia or New Zealand may obtain a copy free of charge upon request by emailing email@example.com. The Prospectus is also available in electronic form and may be accessed on the internet at www.1414degrees.com.au/prospectus. Persons who access the electronic version of the Prospectus should ensure that they download and read the entire Prospectus.
Prospective investors wishing to acquire Shares (and as a result, Bonus Loyalty Options) should consider the Prospectus carefully in deciding whether to acquire Shares (and as a result, Bonus Loyalty Options). Any prospective investor wishing to acquire Shares (and as a result, Bonus Loyalty Options), under the Offer must complete the Application Form that accompanies the Prospectus and any further Supplementary Prospectus.