Listing Process
The Company is actively preparing for a dual listing, driven by favourable market conditions and our strong financial performance in 2024:
➢ The Cyprus Securities Regulator, CySEC, has revised local regulations to allow for English language prospectuses.
➢ Both the CSE and the major/premium international exchange targeted for secondary listing have been engaged in pre-application discussions, pending prospectus approval and formal notification of listing.
➢ The prospectus has been near finalised, awaiting 2024 Annual Report publication to accompanying it for submission to CySEC. The Annual Report is expected by no later than end of May 2025, or earlier, as advised during the 2024 Q4 update.
➢ EU Regulations require that shareholders be KYC verified. In order to list the Company whilst we are unable to meet the regulatory requirement of all shareholders satisfying KYC regulations, the Company is preparing to approach the Cyprus Courts for a custodial scheme of arrangement to be applied to all shareholders. Whilst this approach is novel, the Company is optimistic that the Court will agree to a temporary scheme to facilitate the listing and Top Hat process given the unusual Company circumstances (i.e. a high % of non -EU shareholders who have not completed KYC). .
Shareholders will subsequently be released to their broker from custodial arrangements following CSE listing and satisfying KYC.
➢ Post the custodial scheme of arrangement, the Company intends to list first on the Cyprus Stock Exchange (CSE), allowing it to take advantage of the proposed custodial scheme of arrangement and EU listing Regulations to facilitate a Secondary International Listing and the Top Hat process.
➢ The Company's discussions with its chosen premium exchange as the secondary listing venue confirms that shareholders will primarily trade on the secondary venue and not the CSE, due to lack of liquidity on the CSE. Secondary listing market Depositary and Custodian agreements are under review presently, with the secondary list planned to be a close follow to the primary list on the CSE. However, the path to the secondary exchange for shareholders is via the CSE and the below onboarding process.
The Custodial process will run in parallel for a similar period, with custodial arrangements ending the earlier of a shareholder completing KYC and nominating a broker, or three years.
Preparation for Exiting Custodial Arrangements
The Company has onboarded around 1200 shareholders and/or directors of shareholders in the last three months. From that pool, we will invite all individual holders with flykk accounts to onboard to our Sponsor Broker, CDBGlobal, to meet CSE spread requirements. A separate application form will be provided, and ISX will (subject to individual consent and GDPR privacy adherence) pass individual KYC files to CDBGlobal to fast track the onboarding process.
Individual shareholder (ie non SMSF and non Company) are the simplest onboarding case and means to achieve listing, as we require at least 300 individual holders for ’spread’.
We encourage all individual, corporate, trust and SMSF holders to continue the process of onboarding. Directors and trustees should still also onboard to flykk, as a KYC process will still be necessary for the individuals associated with the SMSF, trust or Company under EU Regulations.
flykk®
ISXPlc operates flykk.it, which is an EEA-regulated electronic money and payments International Bank Account Number (IBAN) based service. The ISXPlc service is regulated by the Central Bank of Cyprus, which is a Eurosystem Central Bank, and requires customers to have their identity verified to meet Anti-Money Laundering Regulations.
It is an ideal method for the Company to use to identify itsshareholders, as its wholly in-house and automated.
However, flykk onboarding is limited for Australian holders to those who have either EU national ID or a valid Passport (from any non-UN sanctioned country), as we can't accept Australian driving licences in a process that issues an IBAN that is reported to the European Central Bank, as flykk does.
A video of the flykk sign-up process is here.
What do I do?
Step 1 : Individual holders, directors, beneficiaries & trustees > Obtain an ISXPlc IBAN by enrolling towww.flykk.it via an App Store by clicking a button below. This process will verify your identity during the course of setting up a flykk IBAN.
You will need either i) a valid passport from any country that isnt UN sanctioned or ii) an EU national ID, your TaxID/TFN, a recent gas/water/electricity/bank statement bill, and preferably use the email you registered with at Automic.
If you can’t do this, dont worry, an alternative process will be made available in due course.
Step 2 : update your email and address details at www.automicgroup.com.au, if you havent already done so. Where possible for individuals update Automic to the email used to enrol to flykk.
For directors, beneficiaries and trustees, we will match you to your holding entity at a later stage, once we complete verification of that holding entity.
Updating your IBAN in Automic provides a secondary way to match your KYC details to your holdings.
In the Automic portal, Please paste your IBAN into the ‘Account Name’ under‘Portfolio Profile’ > ‘Payment Instructions’ tab.
That is, replace your name with your IBAN number as Automic doesnt have any other field to collect IBAN. For BSB enter “000-000" and Account enter “000000”.
If you have a BSB and Account in place with Automic for other holdings, please update only the ISX Financial related payments tab.
We will match directors, beneficiaries and trustees of holding entities at a later stage to their IBAN as we need to verify the holding entity in addition to the individual identity of each director, beneficiaries and trustees.
