QANTM Intellectual Property Limited Suspended from ASX Quotation Following Acquisition
QIP (QIP) Share Update August 2024 Monday 5th
QANTM Intellectual Property Limited Suspended from ASX Quotation
QANTM Intellectual Property Limited (ASX: QIP) has announced the suspension of its shares from quotation on the Australian Securities Exchange (ASX) as of 5 August 2024. This suspension follows the approval of a scheme of arrangement under which Fox BidCo Pty Ltd will acquire all issued shares in QIP.
Instant Summary:
- Suspension of QANTM Intellectual Property Limited shares from ASX quotation.
- Fox BidCo Pty Ltd to acquire 100% of QANTM shares.
- Suspension effective from the close of trading on 5 August 2024.
- Expected removal from the official list of the ASX by 20 August 2024.
Details of the Suspension
The securities of QANTM Intellectual Property Limited (ASX: QIP) will be suspended from quotation at the close of trading on Monday, 5 August 2024. This suspension is in accordance with ASX Listing Rule 17.2, following the lodgement of the Supreme Court of New South Wales orders with the Australian Securities and Investments Commission (ASIC) approving the scheme of arrangement by which Fox BidCo Pty Ltd will acquire all issued shares in QIP.
The scheme of arrangement became legally effective on 5 August 2024, pursuant to section 411(10) of the Corporations Act 2001 (Cth). As a result, QANTM's shares will remain suspended from quotation on the ASX until QANTM ceases to be admitted to the official list of the ASX, which is expected to occur at the close of trading on Tuesday, 20 August 2024.
Background and Context
QANTM Intellectual Property Limited, a company specializing in intellectual property services, requested the suspension to facilitate the implementation of the scheme of arrangement. Fox BidCo Pty Ltd, an entity owned and controlled by funds managed and advised by Adamantem Capital Management Pty Ltd, will acquire 100% of QANTM shares under this scheme.
QANTM has stated that it is not aware of any reason why the suspension should not be granted, nor of any other information necessary to inform the market about the suspension. Following the suspension, QANTM will apply for the termination of the quotation of its shares on the ASX and its removal from the official list.
The suspension of QANTM shares and the subsequent acquisition by Fox BidCo Pty Ltd are significant events for the company and its shareholders. The acquisition is expected to provide QANTM with new opportunities and resources under the ownership of Adamantem Capital Management Pty Ltd. However, the suspension and eventual removal from the ASX may impact liquidity and trading options for current shareholders.
Investor Reaction:
Analysts are likely to view the acquisition positively, given the potential for growth and expansion under new ownership. However, some investors may express concerns about the suspension and the lack of immediate liquidity. Overall, the market reaction is expected to be cautiously optimistic, with a focus on the long-term benefits of the acquisition.
Conclusion:
Investors should closely monitor the developments related to the suspension and acquisition of QANTM Intellectual Property Limited. The acquisition by Fox BidCo Pty Ltd, backed by Adamantem Capital Management Pty Ltd, presents potential growth opportunities for the company. However, the suspension and removal from the ASX require careful consideration by shareholders. Stay informed and evaluate the long-term impacts on your investment portfolio.