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Covata extends share purchase plan closing date to Friday, January 11, 2019

The date has been extended owing to some shareholders having only recently received the offer document.

Computer-generated view of handshake
Funds will help support the expansion of Covata’s data security product offerings

Covata Ltd (ASX:CVT) has extended the closing date to 5pm AEST on Friday, January 11, 2019, for a share purchase plan (SPP) at an issue price of 1.8 cents each.

With some shareholders only recently receiving the SPP offer document and application, the company decided to extend the date to next month.

This extension will ensure that all eligible shareholders have ample time over the December/January period to submit their applications and are able to participate.

READ: Covata to raise funds from shareholders to support Europe, US growth

The SPP provides the opportunity for eligible shareholders to subscribe for up to $15,000 worth of shares each without incurring brokerage or other transaction costs.

Funds raised will be used to support Covata’s focus on Europe, ongoing digital marketing and lead generation campaigns for its SafeShare for International Trafficking in Arms Regulation (ITAR) product in the US and Europe.

Discount to 30-day VWAP

Shareholders wishing to apply for shares in the SPP are encouraged to do so as soon as possible by following the directions contained in the SPP booklet which has been mailed to them.

The issue price of 1.8 cents represents a 10% discount to the 30-day volume weighted average price (VWAP) up to and including November 29, 2018.

Top up placement date extended

For consistency and convenience, the date by which requests to participate in the top up placement must be lodged with Covata has been extended to no later than 5pm AEST on Friday, January 11, 2019.

READ: Covata expands data security product offerings, director joins new advisory board

Covata’s SafeShare is in use by more than 27 Australian government agencies and enterprises in sensitive industries such as defence, both in Australia and internationally.

The SafeShare Trust technology makes key aspects of stored files immutable and enables blockchain to be the point of trust for access control to the data, ensuring it is securely shared and not tampered with.

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