Newman and a spokesman for Macquarie told The Australian Financial Review that a final decision on the capital raising was not made until a meeting of the Nearmap board of directors on Tuesday night. The company, which was advised by lawyers MinterEllison, believes that to have disclosed more information on Monday would have risked misleading the market. "A trading halt would not be appropriate given that NEA had not made a decision to undertake any capital raising," the company said. Nearmap believes that its Monday announcement was "the most appropriate approach for ensuring its compliance with obligations under the ASX listing rules". Instead, it waited until it was approached a second time by the "third party individual" and received an email from Chanticleer asking about the capital raising before releasing its confusing statement to the ASX. Nearmap said that on the basis of its assessment of what was happening there was no need for any public announcement.Ĭhanticleer believes that at this point Nearmap had a perfect opportunity to reveal to the market that it was talking to Macquarie about a capital raising. This makes it clear that the ruminations of the person with the crystal ball was made known to the company on Monday morning while the stock was trading into negative territory. Third, "while communications had been received from a third party individual referencing that NEA may be considering undertaking a capital raising, as NEA had not determined the terms of any proposed capital raising, these communications were necessarily incorrect and considered by NEA to be speculation by one individual." Second, it said that no confidential soundings had been undertaken by NEA and "as such, no public communication had been made outside NEA's advisers as to the fact that NEA was considering undertaking a capital raise". In its answer to the ASX query published on Thursday, Nearmap said that there were three reasons why it believed that information about its capital raising on Wednesday was still confidential on Monday.įirst, Nearmap said there had been no media releases, press articles or public information released to the market which would indicate that NEA was considering undertaking a capital raise. That suspension was the equivalent of disciplinary action by the ASX against the company. The ASX suspended the stock on Wednesday and issued the company with an "aware letter" requesting a detailed explanation of what transpired between Monday and Wednesday. The crystal ball said the new stock would be issued at 71¢ a share while the actual cap raising was at 70¢ a share. The galaxy has been reveled at as a sign if infinite possibilities and a symbol of open mindedness, free from limitations, creativity, and being artistic. It has been a wonder what it would be like to see it from the outside. There was only a 1¢ difference between the crystal ball prediction circulating on Monday and the reality revealed on Wednesday. Galaxy Gazer Crystal Ball For thousands of years, we have gazed upon the cosmic ocean from our small world. Lo and behold on Wednesday, Nearmap announced that it would conduct a $25 million capital raising underwritten by Macquarie Capital. The clear message from this announcement was that nothing is happening. Nearmap does not require new capital in order to progress its existing business plan and the company advises that, at this time, no decision with respect to whether to seek further funding (or as to what form it may take) has been made." In front of each clue we have added its number and position on the crossword puzzle for easier navigation.The company told the ASX at 2.47 pm on Monday: "The company continues to evaluate options for raising capital to accelerate its growth plans. If you are done solving this clue take a look below to the other clues found on today's puzzle in case you may need help with any of them. This clue was last seen on NYTimes OctoPuzzle.
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