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TerraCom Limited ( (AU:TER) ) has issued an announcement.
TerraCom Limited has issued a cleansing notice in connection with its recently announced renounceable entitlement offer of new shares to eligible existing shareholders, confirming it will conduct the capital raising without a prospectus and that it remains compliant with its disclosure obligations under the Corporations Act. The company highlighted that substantial shareholder Orbit Marketing Pte Ltd has agreed, via a sub-underwriting arrangement, to take up to A$40 million of any shortfall, which in an extreme scenario could lift Orbit’s relevant interest to as much as 55.31% and effectively give it control, although TerraCom’s board understands Orbit currently has no intention to alter the company’s board, strategy, operations, employment or asset base, and the discounted, widely dispersed structure of the offer means such a level of control is not expected to eventuate.
The most recent analyst rating on (AU:TER) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on TerraCom Limited stock, see the AU:TER Stock Forecast page.
More about TerraCom Limited
TerraCom Limited (ASX: TER) is an Australian-listed resources company in the mining sector, with its shares traded on the ASX and a substantial shareholder base that includes institutional investors such as Orbit Marketing Pte Ltd.
Average Trading Volume: 4,248,406
Technical Sentiment Signal: Sell
Current Market Cap: A$72.89M
See more insights into TER stock on TipRanks’ Stock Analysis page.