DataDot launches $4.5m SPP

DataDot launches $4.5m SPP

Microdot technology company DataDot (ASX:DDT) has launched a share purchase plan to raise up to $4.5 million.

The company on Friday sent to shareholders the offer terms for the purchase of up to $15,000 shares each at $0.041 per share.

The SPP has been underwritten by KTM Capital for up to $3 million, with the company announcing it will accept oversubscriptions of up to $1.5 million.

The offer is at the same price as the DataDot shares to be issued to the CSIRO, under the proposed $1.4 million all-share deal to acquire the research organisation's 50% stake in their DataTrace DNA joint venture.

Shareholders will vote on whether to approve the CSIRO transaction at the company's AGM on 14 October.

Applications to take part in the SPP must be submitted by Friday, 3 December. Only DataDot shareholders residing in Australia or New Zealand may take part in the offer.

In a market update, DataDot said it expects first half earnings to be broadly flat on a year-on-year basis, but that it is forecasting revenue and earnings growth over the full FY11.

DDT shares on Friday slumped 12.5% to $0.042, the lowest price since September.

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Tags CSIROShare Purchase Planjoint ventureDataDotASX:DDT

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