K2fly seeks ASX listing

16/05/2016 - 12:30

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A Subiaco-based asset management technology company is seeking an ASX listing through the reverse takeover and backdoor listing of Power Resources.

K2fly seeks ASX listing
K2fly offers infrastructure asset management through software and services.

A Subiaco-based asset management technology company is seeking an ASX listing through the reverse takeover and backdoor listing of Power Resources.

Power has entered into an agreement to acquire K2fly, a local tech company that offers infrastructure asset management through software and services.

Its technology allows asset management personnel to access a centralised system to manage and maintain asset data to enable more efficient and effective outcomes.

K2fly’s client base includes BHP Billiton, Woodside Petroleum, CIMIC Group, Origin Energy, Apache Corporation, and the Port Authority of New South Wales.

Under the terms of the deal, Power will wholly acquire K2fly, which has an enterprise value of $5.6 million, and adopt its business model in exchange for 80 million consideration shares which, at the company’s last trading price of 1.1 cents each, is equal to $880,000.

Power will also undertake a minimum $3 million capital raising in order to comply with ASX relisting rules, at a price of 4 cents a share, with KS Capital engaged as lead manager.

If the deal is successful, the company will be renamed to K2fly Limited, with all existing Power directors to be replaced by K2fly chief executive and chairman Brian Miller, along with Noel Bonnick, Gino D'Anna and Russell Moran as directors.

“This agreement with Power enables K2fly to fast-track its aggressive growth strategy and drive synergistic partnerships with global leaders in the enterprise asset management industry,” Mr Miller said.

K2fly is being advised on the acquisition by LinQ Corporate.

The company hopes to begin trading under its new name and business model by August.

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