Scalare Partners Finalizes Acquisition and Rebrands with Successful Public Offer
CANDY CLUB HOLDINGS LIMITED (CLB) Share Update November 2024 Friday 8th
Scalare Partners Completes Acquisition and Raises Over $4.3M
Scalare Partners Holdings Limited has completed the acquisition of Scalare Partners Pty Ltd, rebranding from Candy Club Holdings Limited, and successfully raising over $4.3 million through a public offer.
Instant Summary:
- Acquisition of Scalare Partners Pty Ltd completed.
- Public Offer closed with over $4.3 million raised.
- Company rebranded to Scalare Partners Holdings Limited.
- 72 million shares issued to vendors.
- New directors appointed; former directors resigned.
- ASX ticker code changed to SCP.
Acquisition Completion
Scalare Partners Holdings Limited, previously known as Candy Club Holdings Limited, has announced the completion of its acquisition of Scalare Partners Pty Ltd. This acquisition marks a significant milestone for the company as it strategically positions itself within the technology investment landscape.
The acquisition was finalized following the satisfaction of all conditions precedent as outlined in the Share Sale Agreement. This agreement was previously approved by shareholders during an Extraordinary General Meeting held on 23 September 2024.
Public Offer and Rebranding
In conjunction with the acquisition, Scalare Partners successfully closed its Public Offer, raising a total of $4,301,100. This was achieved through the issuance of 17,204,400 fully paid ordinary shares at $0.25 per share. Additionally, 1,200,000 shares were issued to the broker or its nominees.
The company has undergone a rebranding process, changing its name to Scalare Partners Holdings Limited. This change reflects its new strategic direction and focus on empowering technology founders. The company's shares will now trade under the ASX ticker code 'SCP', effective from 11 November 2024.
Leadership Changes
As part of the acquisition, Scalare Partners has appointed new directors to its board, including Adelle Howse, Neil Carter, James Lougheed, and Beau Quarry. The company has also accepted the resignations of former directors Gary Simonite and Gregory Starr, marking a new chapter in its leadership.
The completion of this acquisition and successful capital raise positions Scalare Partners to strengthen its presence in the tech investment sector. The rebranding and leadership changes signal a fresh strategic direction, likely to attract new investors and partners. The raised capital will enable Scalare to expand its portfolio and support early-stage tech businesses, potentially driving future growth and shareholder value.
Investor Reaction:
Analysts are optimistic about Scalare Partners' strategic move into the technology sector. The successful capital raise and rebranding efforts are seen as positive steps towards enhancing the company's market position and growth potential. However, investors will be closely monitoring the company's execution of its new strategy and its impact on financial performance.
Conclusion:
Scalare Partners' recent acquisition and rebranding efforts mark a pivotal moment in its evolution. Investors should watch closely as the company implements its strategic vision, potentially unlocking new opportunities in the tech investment space. With a strong leadership team and a clear focus, Scalare is poised for growth.