- Product sampling and digital promotions business PINCHme.com (PIN) has announced it is planning to delist from the ASX
- The company is seeking to hold a special meeting on January 29 to seek approval from its shareholders to begin delisting proceedings
- PINCHme.com is pushing to delist after a slow year of trading, stating that the costs of listing on the ASX outweigh the benefits
- PIN estimates by removing itself from quotation it will be able to save roughly $65,000 per month
- The New York-based business is proposing a $500,000 capped share buy-back facility, however, it will need to raise funds to cover the costs
- PINCHME.com has therefore organised a private placement to raise $700,000
- Shares in PINCHme.com are down 6.98 per cent at 4 cents each
PINCHme.com (PIN) has announced it is planning to delist from the ASX — if shareholders sign off on the move.
The product sampling and digital promotions business wants to hold a special meeting on January 29 to seek approval from its shareholders.
The company wants to delist after a slow year of trading, stating that the costs of remaining listed on the ASX outweigh the benefits.
PIN estimates by removing itself from quotation it will be able to save roughly $65,000 per month.
Additionally, the New York-based business said there was “limited value” in its securities being listed on ASX given the fact it primarily operates in the U.S.
Ahead of the delisting, PINCH.com has announced details of a $500,000 capped, selective, off-market share buy-back facility.
Under the offer, shareholders will be able to sell their securities at a price of 5 cents per CHESS Depositary Interest (CDI).
However, the company said it will need to raise money to cover the costs of the share buy-back as it has limited funds available.
PINCHME.com has therefore organised a private placement to professional and sophisticated investors to raise $700,000.
If all goes to plan, PIN will use those funds to facilitate the share buy-back which is scheduled to open in early February.
Shares in PINCHme.com have ended Wednesday’s trading session down 6.98 per cent to trade at 4 cents each.