ASX debut day for RTOs

22/11/2016 - 14:24

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Perth-based companies K2fly, Zelda Therapeutics and Impression Healthcare have wrapped up their first day of trading on the ASX after completing reverse takeovers, with Impression, which counts John Worsfold as a director, the only one to post a gain.

K2fly chief executive Brian Miller. Photo: Attila Csaszar

Perth-based companies K2fly, Zelda Therapeutics and Impression Healthcare have wrapped up their first day of trading on the ASX after completing reverse takeovers, with Impression, which counts John Worsfold as a director, the only one to post a gain.

K2fly narrowly passed its minimum raising target as part of its acquisition of Power Resources, with the 20 cents per share offer closing to net the company $4.13 million.

The Subiaco-based software company offers infrastructure asset management through its ADAM, TagMan, DocMan and HandoverNotes platforms.

At the close of trade today, its shares were worth 17.5 cents each.

The Brian Miller-led company was formed last year when founders Gino D’Anna and Russell Moran purchased the software from engineering consultancy K2 Technology, which had developed the software over 12 years and used it as a by-product of its service offering in the oil and gas sector.

Zelda also finished its first session on the ASX today after completing a reverse takeover of Gleneagle Gold.

The medical cannabis company raised $4 million from investors at 2.5 cents per share.

At the close of trade today, its shares were worth 2.3 cents each.

“We are excited to be commencing life as a listed company today on the ASX,” chairman Harry Karelis said.

“Medical cannabis has the potential to make a significant difference in the lives of many patients across the globe, and we know that our strategy to accelerate clinical trials by leveraging the wealth of patient data we already have will help us deliver much-needed therapeutics to patients in shorter timeframes.”

Also today, Impression Healthcare (formerly known as Gameday International) increased in its market value on its ASX debut after completing a reverse takeover of Mount Magnet South.

Impression Healthcare, which makes custom mouthguards, raised $3 million as part of its acquisition at 8 cents per share.

At the close of trade, its share price had increased to 8.7 cents each.

Former West Coast Eagles coach John Worsfold is a non-executive director of Impression.

The company’s core product allows consumers to take an impression of their mouth at home and then return it to the company to form the mouthguard, which is then sent back to the consumer.

“We are well funded to ramp up sales and marketing activity for Gameday Mouthguards to drive awareness and sales revenue at the start of the 2017 sports season in January,” chief executive Matt Weston said.

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