10 SIGNIFICANT EVENTS AFTER BALANCE DATEOn 28 February 2019, the Company entered into a binding term sheet to acquire 100% of Evolution Subsea Pty Ltd,trading as Harvest Technology. Harvest is a bespoke services and solutions provider in the subsea inspectionmaintenance and repair sector. The consideration for the acquisition will be the issue of 15,000,000 fully paid ordinaryshares at 2.2 cents per share, plus the issue of up to 80,000,000 Performance Rights with vesting criteria based onachieving key revenue hurdles. The issue of the shares and performance rights are subject to shareholder approval.The acquisition is subject to the completion of satisfactory due diligence by the Company.The Company also announced its intention to raise up to $2.5 million by way of a placement for $1.8 million at 2.2cents per share (subject to shareholder approval) plus a rights issue to raise up to $700,000 at 2.2 cents per share.The rights issue is not underwritten however, the Company reserves the right to appoint an underwriter.No other matters or circumstances have arisen since the end of the reporting period and the date of this report whichsignificantly affected, or may significantly affect, the operations of the Group, the results of those operations, or theof the Group in future financial years.
SM8 Price at posting:
2.1¢ Sentiment: None Disclosure: Held
