Join our daily newsletter At The Bell to receive exclusive market insights
- iSignthis (ISX) completes the demerger of its European business ISC Financial EU (ISXFEU)
- The demerger follows the 98.13 per cent shareholder vote in its favour, which does not include major shareholders Select All Enterprise and Red 5 Solutions
- ISX shareholders as of October 18 are now shareholders in ISCFEU
- The demerger will allow ISCFEU to focus on Europe and North America, and the business has indicated potential listings on other security exchanges
- iSignthis shares last traded on October 1, 2019, for $1.07 each
Software company iSignthis (ISX) has completed the demerger of its European business ISC Financial EU (ISXFEU).
The demerger follows the 98.13 per cent shareholder vote in its favour, which does not include major shareholders Select All Enterprise and Red 5 Solutions.
Shareholders of the company as of October 18 at 5pm AEDT are now shareholders in ISCFEU, based on one share in ISXFEU for every 10 shares held in ISX.
ISXFEU has engaged with Automic Group to manage registry services in Australia due to the number of shareholders based in Australia.
The demerger will allow ISCFEU to focus on Europe and North America and the business has indicated of potential listings on other security exchanges.
iSignthis Chairman Tim Hart is delighted to see the demerger completed.
“ISXFEU is now a legally separate entity, owned by a common set of predominantly Australian shareholders,” Mr Hart said.
“The iSignthis board has responded to calls from shareholders to position the European business for a listing on a northern hemisphere securities exchange as soon as possible. This follows the July 2020 shareholder meeting where 96 per cent of holders voted to list the company or its subsidiaries elsewhere, and the meeting last week with 98 per cent of shareholders in favour. A new era of business growth now lies ahead.”
iSignthis shares last traded on October 1, 2019, for $1.07 each.
