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Gerald Tan invests in Two Way
Monday, September 26, 2011 : Cornerstone investor and new Director welcomed
Following a trading halt pending a key capital raising announcement by Australian publicly-listed interactive television gambling provider Two Way, the company has welcomed a cornerstone investor by way of Malaysian entrepreneur Gerald Tan.
The new investors have agreed to invest up to $2.04 million of expansion capital in the Company which will be used to exploit TV wagering service and other advanced interactive media opportunities.
Tan and his associates initial $1.2 million investment will buy him 60 million ordinary shares in Two Way at an issue price of 2 cents each. This capital will be invested in two stages, with $250,000 to be provided immediately (in return for 12.5 million ordinary shares). The balance of $950,000 and 30 million options, exercisable at 2.8 cents within 3 years, is subject to shareholder approval, which will be sought at the company’s Annual General Meeting in November 2011.
Gerald Tan has also accepted a Directorship of Two Way.
Stuart McGregor, Chairman, Two Way, said: “We are very pleased to welcome Gerald Tan as a cornerstone investor and a Director of the Company. Gerald’s experience in interactive TV, together with his business experience in Asia, will be a great asset to the company. His investment represents a great vote of confidence in our world-leading technology and endorses our unique position in the media and wagering business.”
The Company’s new investors’ connections are additionally expected to yield expansion for the company into Asia.
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