Following the successful raising of $16.3 million as part of its IPO, 1414 Degrees is now in the process of formally listing the Company on the Australian Securities Exchange.
In anticipation of some seed shareholders not being available to sign Restriction Agreements at the time of listing, we sought and received Power of Attorney’s from escrowed shareholders. However the ASX advised on 24 August, that the Company must enter into Restriction Agreements with each of its 87 escrowed shareholders.
Over the past week, the Company has obtained all except 4 of the required 87 Restriction Agreements. The 4 remaining escrowed shareholders represent only 802,500 shares, which is less than 1% of the total shares on issue. The Company wants to thank those 83 shareholders who responded so promptly to this unforeseen circumstance. We are doing all that we can to execute the remaining 4 Restriction Agreements.
All other requested documentation has been provided to the ASX.
The Company understands that the ASX will not be able to complete the listing process until such time that the outstanding 4 Restriction Agreements are executed.
We will provide a further update once we have a confirmed listing date from the ASX.
Sincerely,
Dr. Kevin Moriarty
Executive Chairman
14D Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
