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Identitii (ASX:ID8) - Co founder & new Chairman, Nick Armstrong - The Market Herald
Co founder & new Chairman, Nick Armstrong
Sourced: ARN
  • Fintech company Identitii (ID8) has reshuffled its Board and welcomed new CEO and Managing Director, John Rayment
  • John has vast global experience in this sector and leading companies through revenue growth strategies
  • Board changes continue following the resignations of Chairman Mike Aston and Non-Executive Director Peter Lloyd
  • Taking the former Chairman's place is company Co-founder and former CEO Nick Armstrong
  • And joining as a Non-Executive Director is Mr Steve James
  • The company has also launched a partially underwritten rights issue to raise up to $3.82 million at $0.07 per share
  • Identitii's shares are currently suspended and last traded for 30 cents each on January 31

Fintech company Identitii (ID8) has appointed a new CEO and launched a partially underwritten rights issue to raise $3.82 million.

The company intends to raise these funds under a one for one non-renounceable rights issue of new fully paid ordinary shares. Eligible shareholders can apply for new shares under the rights issue at $0.07 per share.

Joining Identitii as CEO and Managing Director is Mr John Rayment, effective immediately.

John brings extensive global experience in selling enterprise solutions into the financial market.

He has proven leadership experience, having held board and executive roles with Travelex in the Asia Pacific, North America and the UK. John has also provided advisory support to many early-stage companies by helping them develop capital raising and revenue growth strategies.

"Having solved problems for financial institutions across the globe, I understand what Identitii’s customers are looking for and how to progress these solutions through the engagement process," John said.

"I’m therefore very optimistic about the future, even in light of the current global COVID-19 crisis. To ensure we continue delivering for our existing clients, we remain heavily focused on our business development and operational agenda and are already making significant cost-base reductions," he added.

In a bid to show his support and commitment, John has loaned Identitii $100,000, interest free and with a 12 month repayment term.

Instead of repaying this loan traditionally, Identitii plans to seek shareholder approval to issue the new CEO with a certain number of new shares at an issue price of $0.07 per share. This is planned to take place within 2 months of the rights issue being completed.

Despite the uncertainty of the financial impact of the coronavirus, Identitii claims its platform enables faster changes at a much lower cost than other alternatives.

This means its well-positioned to help financial corporations respond to this evolving need.

Additionally, Chairman Mike Aston and Non-Executive Director Peter Lloyd have resigned.

Taking Mike's place is Co-founder and former CEO Nick Armstrong and Steve James will join the Board as a Non-Executive Director.

Steve has held senior leadership and Board positions in the past at a number of organisations such as the Commonwealth Bank of Australia, CommSec, Aston Consulting, Motorcycling Australia and Seer Asset Management.

"This is a pivotal time for the financial services industry and Identitii’s offering is focused on helping financial institutions meet their obligations with less," Steve said.

Identitii's shares are currently suspended and last traded for 30 cents each on January 31 2020.


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