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IMEXHS LIMITED — M&A Activity 2016
Nov 24, 2016
65120_rns_2016-11-24_4a6563f2-e094-4ade-aaf1-71f85f8348e8.pdf
M&A Activity
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ASX: OMT 25 November 2016
OMT/RIGHTCROWD TRANSACTION UPDATE
Omni Market Tide Limited ( OMT ) is pleased to provide the following update regarding the proposed acquisition of Sentrii Pty Limited ( RightCrowd ) announced on 19 October 2016 ( RightCrowd Transaction ).
Update
OMT, RightCrowd and Morgans Corporate Limited ( Morgans ) continue to work closely to successfully complete the RightCrowd Transaction, including finalising the Notice of Meeting and Prospectus. In this regard, OMT expects to dispatch the Notice of Meeting in December 2016, with the proposed general meeting of OMT Shareholders to be held in January 2017. Accordingly, OMT and RightCrowd have agreed to extend the date by which the conditions precedent must be satisfied under the acquisition agreement to 28 February 2017.
In terms of the leadership team of the company, it has been decided that following the successful completion of the RightCrowd Transaction, Mr Peter Hill (the Founder, CEO of RightCrowd and major shareholder of the company post completion of the RightCrowd Transaction) will be the Managing Director of the Company as at completion of the RightCrowd Transaction.
Accordingly, Mr Steve Terry, the current managing director, will leave the company on 25[th] November.
Glenn Vassallo, Chairman of OMT, announced “on behalf of the Board I would like to thank Mr Terry for his significant contribution to OMT.
Mr Terry has done an excellent job in progressing the interests of all the stakeholders of OMT, in particular the present opportunity with RightCrowd. I also welcome to the Board of OMT, Mr Bryan Granzien, effective today.
Bryan was until recently CEO of Tata Steel’s Australian representative office for Tata Steel Limited, a top 10 international steel producer. Bryan is an experienced executive having held GM or CEO roles in the Mining, Manufacturing, Agribusiness and Technology Industries over a career spanning 30+ years with international experience gained through positions in England and Singapore. Prior to working for Tata Steel, Bryan held computer leadership roles at MIM Holdings, Grainco Australia and Neumann Steel.
Bryan has a Bachelor of Business, is a graduate of the AICD, a fellow of the CEO Institute of Australia, a Tata Business Excellence Gold Assessor and has held numerous industry and Company Director positions.
[email protected] | omnimarkettide.com ACN 096 687 839
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Furthermore, I am pleased to announce that both OMT and RightCrowd have agreed to OMT’s high quality mobile development team commencing work on RightCrowd’s mobility solutions between now and completion of the RightCrowd Transaction.
“Given the substantive progress of the RightCrowd Transaction and the obvious mutual synergies and complimentary skillsets between the RightCrowd and OMT development capabilities, commencing immediate development of mobile solutions by OMT for the RightCrowd product suite will best position the two companies for a seamless integration post-‐completion.”
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For more information, please contact: Glenn Vassallo, Chairman +61 7 3309 7000 [email protected]
**Forward
Looking Statements**
This release includes certain statements that may be deemed “forward-‐looking statements”. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that OMT expects, are forward-‐looking statements. Although OMT believes the expectations expressed in such forward-‐ looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-‐looking statements. Factors that could cause actual results to differ materially from those in forward-‐looking statements include market prices, and general economic, market, or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-‐looking statements.
[email protected] | omnimarkettide.com ACN 096 687 839