Kathmandu founder Jan Cameron has joined a group of investors pouring $2.8 million into ASX-listed public Wi-Fi provider SkyFii.
The investment comes after Cameron’s troubled Retail Adventures discount retail chain collapsed into receivership for the third time in five years in July last year. The discount retailer, which traded under the Sam’s Warehouse and Crazy Clark’s brands, closed its last stores a month later.
The capital raising is also backed by WIN Corporation owner Bruce Gordon, along with other new and existing investors.
The shares are being issued for 22 cents each, a premium of 10% over the company’s initial ASX listing price in November 2014, and 18.9% higher than the previous day’s closing price.
The capital will be used to fund the delivery of existing and future contracts, expand its sales, development and operations teams, and provide a boost to its balance sheet.
“SkyFii’s cash balance post completion of the Placement will put the company in a strong position to continue its expansion by pursuing additional contracts and business growth opportunities and to fast track the delivery of new product features,” SkyFii chief executive Wayne Arthur said in a statement.
John Singleton fined $550 for restaurant brawl with Jack Cowin
High-profile ad man John Singleton has been fined $550 over a restaurant brawl with Hungry Jack’s owner Jack Cowin on Monday.
The ABC reports Singleton has been served a $550 criminal infringement notice for the “offensive behaviour” by New South Wales Police.
The incident occurred during a lunch at Kingsleys Steak & Crabhouse in Woolloomooloo, that was also attended by musician Jon Stevens. After three hours of lunching, fellow diners saw Singlton lunge at Cowin with a broken wine glass cutting his ear.
While Singleton and Cowin have said the incident was a “joke” between friends, the police have taken the incident more seriously.
“Police continue to investigate possible licensing breaches surrounding the incident,” NSW police said in a statement.
Singleton has since shared a photo of the restaurant bill from the lunch to dispel rumours of how much was spent on alcohol by the trio. The lunch bill totalled $840.20, with $433 spent on drinks.
Shares down on open
Australian stocks are down slightly, as investors continue to comb through the details of the federal budget.
Michael McCarthy, chief market strategist at CMC Markets, said in a statement the lower opening may be a harbinger of further sentiment decline, as the market “tempers yesterday’s enthusiasm for budget stimulus for small business with the realpolitik of passing a hostile Senate”.
“Two of the four big banks are now ex-dividend, and NAB will attain the same status tomorrow, adding further weight to concerns above dividend yield related positions in the face of a bond market rout,” McCarthy said.
The S&P/ASX 200 benchmark was down 42.3 points to 5672.8 points at 12.34pm AEST. On Wednesday, the Dow Jones closed 7.74 points lower, down 0.04% to 18060.5 points.