Company News: Threat Protect & MMA Offshore
Threat Protect completed a renounceable rights issue this week (whereby 1 share would be issued for every 6 shares held). The company issued these rights to raise funding for its acquisition of OnWatch (a competing security and monitoring company). We are highly supportive of this acquisition as it will be materially accretive for the company, is strategically sound and will deliver benefits from significant synergies. For more information on the acquisition and Threat Protect please click here.
We are long-term holders of Threat Protect and have strong conviction in its strategy and prospects moving forward. As part of an overall funding package for this transaction (including issuing debt, converting the convertible notes, partaking in an earlier equity raise) we have participated in this rights issue.
MMA Offshore announced that Deputy CEO David Ross will be promoted to the role of CEO as part of an orderly succession. At a time where there are positive signs of a turnaround in the cycle, Mr Ross (who will be based in the company's Singapore office) will help capitalize on an improving market and drive the company's international growth. The company has also begun a selection process to appoint an additional Independent Director to support its development, particularly during a time of growth in its provision of services.