Corporate: Shareholders say it’s finally time to go, Chapmans
Chapmans shareholders have voted to delist the struggling venture investor from the ASX, removing one of the bourse’s more colourful companies.
Shareholders voted 72 per cent for the motion, which will see the company gone on April 27.
The delisting comes after over a year of problems, from its directors being involved in the debacle around Capital Mining to the ASX’s serious questions about its ability to survive.
It was greeted on social media and investor gossip forums with resignation.
“Done like a dogs dinner 🙁” said hopalongpetrovski on Hot Copper.
The company had flagged a move to the smaller National Stock Exchange in January — or even a move to Canada, saying the ASX was too expensive and its rules were getting in the way of doing business.
A string of its investments have failed: from a foray into fantasy sports to the collapse of an investee called 20Four Media.
It’s interest in Canadian crypto miner GPU One was cut in half after the company converted debt to equity, and an investment in crypto play Securrency quickly went awry when it decided not to IPO.
And late last year media reports began surfacing that then-director Anthony Dunlop had quietly removed himself and family to Malaysia — followed by his resignation.
A plethora of ASX queries followed at the end of the year, about both Capital Mining and the credentials of Chapmans’ new directors.
Orion Health (ASX:OHE) is also farewelling the ASX. The New Zealand healthcare software platform won’t trade anymore after today after being swallowed up by its biggest shareholder.
Smart energy company Simble Solutions (ASX:SIS) has had to turn to its major backers to raise more cash after it widened its loss in 2018 to $7.7m. The company has secured $285,000 by issuing an unsecured convertible note to “an existing shareholder and business partner”.
Simble says the cash will be used for working capital and to pursue growth opportunities while minimising dilution for shareholders.
The ACCC says it will not stand in the way of IPH’s (ASX:IPH) proposed takeover of fellow intellectual property company Xenith (ASX:XIP). IPH started out trying to buy QANTM IP (ASX:QIP) last year.
That company turned to Xenith as a white knight — a friendly merger — only for IPH to buy 19.9 per cent of Xenith this year to block the merger, and is now bidding for it instead.
The existing board members of Factor Therapeutics (ASX:FTT) have survived a bid to have them dumped by directors of oil company Pura Vida (ASX:PVD). Factor this morning released the results of its annual general meeting, which revealed 57 per cent of shareholders voted against the removal of current board members Dr Cherrel Hirst, Timothy Hughes and John Michailidis.
Pura Vida has been building its holding in Factor over the past few months, but the AGM put paid to its attempt to takeover the company.
Dr Hirst thanked shareholders for their support.