DFNN Inc. said its Australia unit Hatch Australia Holdings Pty Ltd (HAH) has signed the deed of company arrangement (DOCA) to take control of Australian Stock Exchange-listed Silver Heritage Group Ltd. (SVH), paving one hurdle for the former to be listed with Australia’s equities market.
The DOCA will be effected via the acquisition of shares equal to approximately 92 percent of the issued share capital of SVH through a consolidation of shares of existing shareholders and a new issue of ordinary shares for Hatch Australia, DFNN said.
The consideration for this transaction is AU$530,000 in cash and 3 percent of the issued shares in SVH, subject to the terms and conditions set in the DOCA.
In late August, DFNN said Hatch Australia has offered a non-binding term sheet to take control of the reportedly insolvent Silver Heritage Group Ltd., currently administered by KPMG.
The DOCA will outline the new arrangement between the to-be acquired Silver Heritage, HatchAsia and its creditors.
HatchAsia’s Australia listing appear to be similar to the Philippine Stock Exchange’s backdoor listing where an entity can get listed sans an initial public offering when it acquires a listed company and folds the acquiring entity into the listed firm.
