- Financial service software company Intiger Group (IAM) has announced an all-scrip buyout of private fintech company Complii FinTech Solutions
- As part of the buyout, Intiger will give Complii shareholders 1.24 IAM shares for every Complii share held
- Complii shareholders will also be given two sets of options — the first exercisable at five cents each by the end of 2022, and the second at 10 cents each by the end of 2023
- Importantly, Intiger will first consolidate its shares on an 80:1 basis, and all shares issued in the purchase deal will be post-consolidation
- Intiger will take on Complii's name and add two Complii directors two its board
- Shares in Intiger were suspended last week pending today's announcement, but are yet to be put back up for trade
- The company last traded for 0.4 cents each on October 2
Financial service software company Intiger Group (IAM) has announced an all-scrip buyout of private fintech company Complii FinTech Solutions.
As part of the buyout, Intiger will give Complii shareholders 1.24 IAM shares for every Complii share held. On top of this, Complii shareholders will be given 0.31 options for every share held, exercisable at five cents each by the end of 2022, and 0.41 options for every share held, exercisable at ten cents each by the end if 2023.
Importantly, however, Intiger will first consolidate its own shares on an 80:1 basis. All shares given to Complii shareholders will be post-consolidation.
Intiger will take on the name of its new company and add two Complii directors to its board. Specifically, Complii's Craig Mason will become the Executive Chairman of the new entity and Alison Sarich will become Managing Director. Intiger's Greg Gaunt will stay on as a director.
In the interest of keeping the company's board to three people, Intiger's Patrick Canion and Mark Fisher will retire once the buyout has been completed.
Of course, all of this — including the major share consolidation — is subject to shareholder approval, which will be sought in November 2020.
Why the buy?
Essentially, Complii offers a range of financial services through its namesake Complii Platform, ranging from compliance to e-learning to online portfolio management services.
The company is focussed on the financial advice sector, making sure advisers are compliant with Australian Financial Services (ASF) requirements and making sure those seeking advice can receive it easily.
Moreover, Complii has been expanding its services through a string of recent acquisitions.
In October 2019, Complii bought Shroogle, which is an online platform that operates as a certified mortgage broker by helping people apply for competitive home loans.
In November 2019, Complii bought ThinkCaddie, a compliance e-learning module. This has since been integrated into the Complii Platform.
Then, in May 2020, Complii bought Adviser Solutions Group (ASG), which provides ASF Licence services to support financial advisers.
By merging with Complii, this gives Intiger the ability to provide all these services to business and individual clients.
Nevertheless, Intiger shares were suspended last week pending today's announcement, but are yet to be put back up for trade. As such, it's uncertain how shareholders will react to the purchase and consolidation.
Shares in Intiger last traded for 0.4 cents each on October 2.