Further to the announcement by Rakon Limited (“Rakon”) on 19 December 2016, Taiwanese company Siward Crystal Technology Co. Limited (“Siward”) has today paid Rakon USD 10 million. In turn, Rakon has allotted to Siward 38,016,681 new ordinary shares and will now move to meet the requirements of a technology license signed by the parties. The allotment gives Siward an after placement stake of 16.6% in the Auckland-headquartered global technology company.
The explicit split of the consideration between shares issued and the technology license is to be finalised within the FY2017 audited financial statements. Rakon managing director Brent Robinson says the money will be used to pay down debt, but noted Siward’s contribution to the business would go beyond strengthening the balance sheet.
“The newly established partnership with Siward opens a number of new opportunities for both companies which they intend to accelerate”, Mr Robinson said.
Chief Executive Officer / Managing Director
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Louise Howe (Media Liaison)
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Rakon is a global high technology company and a world leader in its field. The company designs and manufactures advanced frequency control and timing solutions that provide the heartbeat of much of today’s communications and positioning technology. Rakon was founded in Auckland in 1967 and is listed on the New Zealand stock exchange. For more information visit www.rakon.com
Siward was formed in 1988 and is one of the world leading manufacturers of crystals and oscillators for mass production requirements. The company has a diverse range from synthetic quartz through to crystals, Voltage Controlled Crystal Oscillators (VCXOs), Temperature Compensated Crystal Oscillators (TCXOs), Voltage-Controlled TCXOs and modules.
Applications include mobile communications, tablet pcs, GPS, computer clocks, DSC and AV machinery.
Siward satisfies customers’ needs globally with operations across Taiwan, China, Japan, Singapore, the United States and Europe.
Siward is a publicly listed company on the Taiwan Stock Exchange (TWSE).