Collaborate advises that a number of shareholders have contacted the Company requesting additional time to consider the Entitlement Issue information due to school holiday periods and recent ASX releases and updates to the market provided by the Company. Given this, the Board has determined to extend the closing date of the Entitlement Issue by one week to allow eligible shareholders some additional time to consider the offer under the Entitlement Issue.
Applications will now be accepted until 5:00 pm (AWST) on Monday, 22 October 2018.
The revised key dates for the Entitlement Issue are set out below:
----------------------------------------------------------- Event Date Closing Date 22 October 2018 Share quoted on a deferred settlement basis 23 October 2018 ASX notified of under subscriptions 24 October 2018 Issue date/Shares entered into Shareholders' security holdings 29 November 2018 Quotation of Shares under the Entitlement Issue 30 November 2018 -----------------------------------------------------------
All dates are indicative only. The Company reserves the right to amend any of the important dates without prior notice but subject to the Corporations Act and ASX Listing Rules.
As previously announced, the Entitlement Issue is partially underwritten up to a total of $0.6 million by existing sophisticated investors of Collaborate namely Hishenk Pty Ltd, Reefpeak Pty Ltd, Mishki Pty Ltd, Scintilla Strategic Investments Limited, alongside officers of the Company namely Chris Noone, Adrian Bunter and Karen Logan.
Eligible Shareholders are encouraged to participate in the Entitlement Issue and may take up shortfall in addition to their entitlements under the offer.
Any questions concerning the Entitlement Issue should be directed to Karen Logan, Company Secretary by email at email@example.com.
The Directors are pleased with the ongoing progress of the DriveMyCar business, demonstrated by the strengthening engagement with automotive manufacturers, fleet providers and dealers. DriveMyCar welcomes Cricks Tweed and Custom Fleet as strategic partners participating in its marketplace and providing a strong initial contribution in both size of fleet and number of handover locations for vehicles.
DriveMyCar is seeing increasing acceptance from large sectors of the motor vehicle industry, which is endorsing DriveMyCar's vision for the future of car usage and access.
We look forward to providing further updates on the business units in due course and as contracts are completed.
DriveMyCar is well positioned as the business approaches the warmer months, which typically represent the highest demand period of the year.
About Collaborate Corporation Ltd
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.
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