Schrole seeks listing through Aquaint takeover

13/06/2017 - 13:49

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An Osborne Park-based recruitment technology company focused on the education sector has announced plans to list on the ASX through the reverse takeover of Aquaint Capital Holdings.

Schrole seeks listing through Aquaint takeover
Rob Graham will become managing director of the combined business.

An Osborne Park-based recruitment technology company focused on the education sector has announced plans to list on the ASX through the reverse takeover of Aquaint Capital Holdings.

Perth-based Aquaint, which is currently in administration, will issue 150 million ordinary shares and 290 million performance shares to acquire Schrole Group, a tech-based recruitment platforms business that connects teachers with schools.

Schrole, which was formed in 2013, operates through its Connect, Cover and Develop business units.

Schrole Connect assists international schools to streamline the recruitment of teachers and is operated in over 30 countries while Schrole Cover, a mobile app-based system, connects teachers with schools and is being used in 70 schools in Western Australia.

Schrole Develop provides customised accredited training services and offers specialised education consulting.

The company places a particular focus on Asia, the Middle East and Europe.

Under the terms of the agreement, Aquaint will wholly acquire Schrole, adopt its business model and re-list on the ASX as Schrole Limited, with the target’s founder and chief executive Rob Graham to become managing director of the combined business.

Mr Graham also leads his family-owned business ETAS Group, a WA-based educational institution that provides vocational education and training development.

He is credited with setting up Schrole in response to time-consuming, arduous and paperwork-heavy issues he and his colleagues faced in the international education space.

Aquaint will be required to undertake a $5.5 million capital raising as part of the acquisition, while Schrole has recently raised $500,000 through the issue of convertible notes.

Aquaint’s directors include Sara Kelly, Jeremy King and Kyla Garic.

Ms Kelly is a corporate lawyer and partner at Perth law firm Edwards Mac Scovell, and has acted as company secretary for numerous ASX-listed companies.

Mr King, meanwhile, is a corporate adviser and lawyer who also serves as a director on several companies including Perth firms Smart Parking, DTI Group and Red Mounting Mining.

Ms Garic is a chartered accountant and director of Onyx Corporate, and also serves as a director on graphene quantum dots maker Dotz Nano.

If successful, the company expects to recommence trading by the end of September.

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