+++++++++++++++++++++++++ As announced to the market an 24 April 2003, the Directors of Startrack Communications Limited (the "Company"), in conjunction with the Medepartner transaction, propose to make an offer to shareholders under a share purchase plan pursuant to ASIC Class Order 02/831 ("Plan"). Shareholders will be invited to apply for shares in the Company up to a maximum of $3,000 (and a minimum of $ 1,000) per shareholder.
A maximum of 50 million shares will be issued under the Plan at 1.3 cents per share, to raise up to $650,000. The Directors recognise that the shares to be offered are priced at a significant discount to market with the price being set to encourage as many existing shareholders to participate in the Plan and the Medepartner transaction.
Funds raised under the Plan will be used for working capital and to assist in the development of the Medepartner business.
The Record Date for this offer has been set at 5.00pm on Friday 30 May 2003 and offer documents will be forwarded to eligible shareholders on or about Thursday 5 June 2003. Any potential purchaser of the Company's shares following this announcement should consult with their broker to determine whether they will be entitled to participate in the Plan.
It is important to note that the issue of shares under the Plan is subject to the Company obtaining the necessary shareholder approvals in respect of the Medepartner transaction. The relevant notice of meeting will be dispatched to shareholders shortly. If shareholder approvals are not obtained, the Plan will not proceed and all monies received will be refunded.