Same Same

  1. 2,477 Posts.
    lightbulb Created with Sketch. 217
    E88 holders would have some understanding of this miraculous good fortune for the founders of ICQ.

    AFR 15/12/20

    Since 2014, south-east Asia-focused online classifieds business iCar Asia (ICQ) has made less progress than a Bangkok traffic jam, which explains why shares have slipped from $1.70 back then to 42¢ on Tuesday.

    So shareholders must have been chuffed to get a $217 million, or 50¢ per share, conditional takeover bid from Chinese digital player Autohome Inc on October 30.


    On the same day it received the bid, iCar's board decided to draw down $1 million of a previously untouched $5 million loan facility agreed with Patrick Grove's Catcha Group in 2017.

    Grove is also the co-founder of iCar and a current director.

    Under the terms of the facility, the $1 million drawdown meant iCar issued 7.56 million shares at an exercise price of 20¢ each to iCar directors and co-founders Grove and Lucas Elliott, due to their interests as co-founders of Catcha Group.

 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.