News: TCH Touchcorp says intends to pursue a merger with Afterpay

Feb 23 (Reuters) - Touchcorp Ltd (TCH)

• Afterpay and Touchcorp intend to pursue a merger
• Afterpay Holdings Limited and Touchcorp Limited signed a heads of agreement (HOA) relating to an in principle agreement for a proposed merger
• Newco will be owned about 64 PCT by Afterpay shareholders (excluding Touchcorp) and about 36 PCT by Touchcorp shareholders
• Newco will issue new shares to Afterpay shareholders on a 1:1 basis and to Touchcorp shareholders on a 0.64:1 basis
• Anthony Eisen will be Newco's executive chairman and Nick Molnar will be managing director and chief executive officer
• Nadine Lennie will be chief financial officer and Jason Van will be chief technology officer of Newco