PEG Technology Launches Share Offer
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Australian e-commerce software provider PEG Technology has launched a public share offer in an effort to raise AUS$12 million (US$7.2 million) to fund its expansion into the business-to-consumer and business-to-business (B2B) markets.
Under the offer, PEG will offer 24 million shares at AUS$0.50 (US$0.30) each, issued with an option to exercise one in every four shares for the same price.
If all share options are exercised fully, their value will add a further AUS$3 million (US$1.8 million) to the float, resulting in a market capitalization of AUS$57 million (US$34.2 million).
PEG develops and markets a range of e-commerce software products used in B2B, business-to-consumer and point of sale software and inventory management systems.
The company's 700 plus client base includes customers like Vodafone, Gowings, Gucci, Australian Geographic and Telstra licensed shops, and its major shareholders are St George Bank and Gowings.
PEG hopes the funds raised from the public float will allow the company to capitalize on its Australian and international market position and increase its sales and marketing activity.