1-Page seeks ASX delisting

23/07/2018 - 15:29

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ASX-listed 1-Page, which reached a market capitalisation in excess of $500 million in 2015, has requested a delisting from the local stock exchange following the acquisition of a German medicinal cannabis company.

The company says maintaining a dual listing would add significant costs to the business.

ASX-listed 1-Page, which reached a market capitalisation in excess of $500 million in 2015, has requested a delisting from the local stock exchange following the acquisition of a German medicinal cannabis company.

In February, 1-Page announced plans to acquire HAPA Medical Group in a cash and scrip deal worth about $16.8 million.

The company said today it had commenced investigations for listing in another jurisdiction, and following the acquisition its operations would be based in Germany.

“Other than a registered office 1-Page does not have any direct Australian interests,” the company said in a stament to the ASX.

“In addition, upon completion of the acquisition, the 1-Page’s corporate advisers, brokers and number of management (including board members) will be based in Germany and other jurisdictions outside Australia.”

With $16.8 million cash at bank, 1-Page said it was well capitalised to develop HAPA, with no immediate need for more capital.

The company said maintaining a dual listing would add significant costs to the business.

Following its listing on the ASX, shares in 1-Page, which was then trading as a Silicon Valley-based HR tech company, rose from an issue price of 20 cents each to hit $5.69 per share in September 2015.

The company raised $50 million in October at a discounted $4.50 per share, with 1-Page’s stock subsequently plunging and has never recovered.

According to its 2017 annual report, the company has 1,883 shareholders.

The company’s shares are currently suspended and last changed hands at 16.5 cents each.

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