‘Millions of dollars tied up’: Tech wreck 1-Page looks to relist overseas as a pot stock
Health & Biotech
Health & Biotech
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Tech wreck 1-Page is having problems getting back onto the local bourse — and if it can’t get an application approved in the next month or so, plans to up sticks and go overseas.
Andrew Chapman, the man who “rolled up” the board of the tech company last year after its spectacular fall from grace, says the ASX is quizzing them over the new acquisition’s finances.
1-Page (ASX:1PG) is reforming as a pot stock, buying German medical marijuana group HAPA Medical Group for €1.3 million ($2 million) and 90 million shares, valuing the deal at €10 million.
But on Tuesday Mr Chapman, who is the boss of Perth private wealth manager Merchant Group, said they’ve had one application knocked back with a request for more information.
If the next one comes back with similar queries, they will look overseas.
“The board of 1-Page want to get it re-listed ASAP because we’ve got millions of dollars tied up in this thing and no one makes any money until it’s listed,” he told Stockhead.
“The difficulty is the ASX… they’ve had a couple of big disasters and they’re being a little bit cautious.
“But if we can’t get it listed in Australia then logically we want to get it listed somewhere.
“It’s not because we want to list overseas, we’d rather list in Australia, but if we can’t then we’ve got to have a backup plan.”
He admitted that an overseas listing would be a “pain in the arse” for shareholders, but better that than losing their entire investment.
“It’s painful for the average bloke on the street but it’s also a pain for us.”
Mr Chapman says they are keen on Canada, which has a large and active listed medical cannabis sector, but they met with investment bankers in Frankfurt last week.
Both would be “logical” second choices as listing locales.
The company had hoped to hold a shareholder meeting in June to approve the plans, after which it could start the recompliance process.