ODN is the shell (RTO/Back door listing) for Gridcomm relisting under the Code GRD.....
ASX relisting rules apply:
http://www.asx.com.au/documents/rules/Chapter01.pdf
http://www.asx.com.au/documents/rules/Chapter02.pdf
http://www.asx.com.au/listings/listing-capital-raising/listing-requirements.htm
GRD will require a international audit to also meet compliance.
ODN will consolidate all company debts, liabilites, cash and assets under this new deal....
ODN was a going concern if remaning within it's industry and likely to go bust.....IMO. Best move now with GRD.
So ODN needs to meet the ASX rules and shareholder approval and really is a shell/vessel like all RTO's making it the cheaper option for many backdoor listings.....IMO
The numbers we need to monitor are the current SP, CR and consolidation......???
Gridcomm is the new company not ODN and will have no real association, maybe if some directors stay onboard.
If you require additional information here are some samples just recently:
POK/BUD, PSF/SYN, RYG/XPE
Disclaimer: I'm no lawyer and provide my personal view only with the information above. IMO DYOR
a gut feeling
