Q-Vis to relist on ASX on Thursday
Wednesday, 10 September, 2003
Successful financial surgery on Australian eye-laser developer Q-Vis (ASX:QVL) will see the company reopen its eyes on the Australian Stock Exchange tomorrow, after a successful capital raising of $2.4 million.
Ascent Capital engineered Q-Vis' resurrection by combing the capital raising, underwritten by Paterson Ord Minnett, with a one-for-two consolidation of the company's existing shares.
On relisting, Q-Vis will have 406.6 million shares on issue, and a notional capitalisation of $3.25 million, based on an issue price of 0.8c.
$2.02 million is from new investors, and $380,000 from existing shareholders. The company says the funds will be used to explore the commercial potential of Q-Vis' existing laser eye technology, and to explore new opportunities in the biomedical sector.
Q-Vis originally listed in July 2000, but was suspended from trading in December last year, because of ongoing operating losses and lack of capital to continue operations.
Ascent Capital, owned by David and Gary Steinepreis and Hugh Warner, is a specialist in recapitalising and reconstructing failed ASX companies.
David Steinepreis chairman of Q-Vis and a director of Ascent Capital, said the company had taken the first step towards assessing Q-Vis' technology by establishing a going venture with former Q-Vis executives Dr Paul Van Saarloos and Simon Gordon.
Sarloos and Gordon will jointly hold a 51 per cent stake in the joint venture, and will evaluate the company's IP for future development and commercialisation.
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