Listed company 1-Page is looking for new ways to spend its $26 million cash balance after selling its US technology business, which lost about $45 million over three years.
Listed company 1-Page is looking for new ways to spend its $26 million cash balance after selling its US technology business, which lost about $45 million over three years.
1-Page announced today it had sold recruitment-focused software business One-Page Company Inc for $US1, with the unnamed buyer also taking over all liabilities.
The directors said the sale of the business and associated liabilities for a nominal sum was in the best interests of shareholders.
The sale is subject to shareholder approval.
The company will now seek investment opportunities with its remaining cash balance, which totalled $26.3 million at July 31.
Director Andrew Chapman said the company was targeting several opportunities in the IT sector, and he was keen to complete a transaction so its shares could be relisted on the ASX.
The sale follows a long-running battle between local directors and the US-based founders of the One-Page business, led by former chief executive Joanna Riley.
Ms Riley recently sold her entire shareholding in the listed company for $2.6 million.
The buy-out was priced at cash backing and was led by Mr Chapman’s Merchant Group, which has emerged with a 13.5 per cent shareholding.
The company has budgeted to spend $650,000 in the current quarter as it completes the US sale and other restructuring measures.
Mr Chapman said expenses would be kept to a minimum, with interest on the company’s cash balance expected to cover future costs.
