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NZX's SuperLife lifts Energy Mad stake to 45.6% with $2.2M rights offer underwrite

31 Mar 2015

SuperLife, the funds management business owned by NZX, has lifted its stake in Energy Mad to 45.6 percent after underwriting the unprofitable lightbulb maker's $2.2 million rights offer.

SuperLife Trustee Nominees picked up 20.4 million shares through the underwriting agreement for a total 34.4 million shares issued in the four-for-five rights issue at 6.5 cents a share. It owned about 19 percent before the offer. The funds are to be used for general working capital and to fund Energy Mad's LED bulb strategy.

The number of shares issued to SuperLife as underwriter is less than the maximum 27.7 million it had agreed to buy in the event of a shortfall. SuperLife also holds convertible notes in the company.

Energy Mad shares were last at 5.7 cents and have tumbled 83 percent in the past 12 months.

The company, which had negative equity of $200,000 as at Sept. 30, has relied on the $2.5 million proceeds of the two convertible note issues to fund its operations over the past year. An independent assessment by Simmons Corporate Finance at the time of the offer said Energy Mad was under-capitalised and may be hamstrung in its strategy to expand in Australia and New Zealand if the funds aren't raised.

NZX acquired SuperLife in December as part of a plan to launch a series of new exchange traded funds for an upfront payment of $20 million in cash and shares and a further $15 million over three years tied to retention and funds under management targets.

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