ASX may have a new eNTITy

ASX may have a new eNTITy

Northern Territory-based information technology services company eNTITy1, has issued a prospectus with a view to listing on the Australian Stock Exchange in September.

Paterson Ord Minnett Ltd has been appointed as broker. A press statement formally announcing the intention to float said: "$5 million is sought through the issue of up to 20 million shares at an issue price of 25 cents each".

Gunning for growth in both northern Australia and Asia, eNTITy1 Managing Director Prins Ralston, said the company is positioned well for growth in the region and hoping to attract local and national investors.

"We confidently expect the Northern Territory to become a major regional centre of excellence in the information economy and we plan for eNTITy1 to play a leading role in that development," Ralston said in the statement.

Founding shareholders and directors of the company include Darwin-based Hannon Group and Treasury Funds Management Limited, a company associated with the Melbourne-based Victor Smorgon Group. eNTITy1 said a successful float will see it with a market capitalisation of "around $17.3 million" upon admission to the ASX.

The public offer is open from Monday, August 7, and has stamped August 28 as its targeted close date.

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