Ann: Demerger of European Businesses, page-560

Oh, that got me curious - what did they promise / say in the Quarterly???

Here's my snarky analysis

Listing Update
➢ Board has resolved to commence process for admission to list to a UK or EU regulated market.
I thought that they'd already commenced a process, but that's nice.

No longer talking about a premium exchange. That's a shame. I guess any listing is better than none.

➢ Preliminary discussions with regulated markets held regarding a direct entry listing.
Ahh, well, they've given up on the excuse that it's a bad time for an IPO and gone for a direct entry listing. Now they just have to get over the liquidity / free float hurdle. That will be interesting.

➢ Clifford Chance and Chrysses Demetriades appointed as legal advisors.
No comment because I haven't looked up the second name, but I guess if I do, they're based in Cyprus.

➢ HWLE will continue in background with Australian legal advice for the admission.
I was going to say no comment, but then you read below.

➢ Work on new prospectus has commenced, which will need to include audited financial results, which are due by May 2024.
I thought they'd done that, but if they did, it's well out of date. I guess you've got to start again.

➢ The new prospectus will comply with EU Directive and will be suitable for either UK and/or EU regulated market listing.
It's EU. Cyprus. Thriving Market. LOL.

➢ Cyprus Securities and Exchange Commission and National Competent Authority in listing jurisdiction will require 3-6 months to review a full EU Directive compliant prospectus.
And there's the first delay announcement. So, if it was three months, it would be end of April, but really, it's end of July.

➢ Top Hat reconstruction process documentation complete and ready for court submission, with court process taking approximately 3 months to complete.
But not yet submitted.

➢ Company is challenging ASIC decision to not grant Top Hat prospectus relief under RG72 in AAT as it believes it can reconstruct before approval of Australian prospectus. This is in order to save time by allowing paralleling of activities, and to save costs and unnecessary effort.
Bullshit. AAT hearing will take longer than prospectus. How long did the AAT hearing take on the last thing they took to the AAT - Clearpay vs whatever? Years. Yet another delay tactic. You heard it here first. At least we know why we've got HWLE.

➢ Australian supplemental prospectus will be prepared addressing ASIC requirements (if any beyond EU requirements) for Australian shareholders only.
But not until after the Top Hat AAT hearing.

➢ Hall Chadwick appointed as valuer to meet Australian prospectus requirements.
I wonder if they can also help out with the ATO application for a class ruling on the demerger?

➢ IR advisors appointed to assist with institutional and retail investors. www.dr-reuter.eu
Do they have institutional investors?