InPayTech to merge with Comply Path
Integrated Payment Technologies Ltd (ASX:IP1) announce it has entered into a Merger Agreement with the shareholders of Comply Path Holdings Pty Ltd whereby IP1 will acquire 100% of the issued capital of Comply Path. The Transaction is to be undertaken as a 100% Scrip for Scrip offer.
The Transaction is subject to shareholder approval, which will be sought at the IP1 Annual General Meeting on 21st January 2021. Should IP1 shareholders vote in favour of the transaction, then on settlement of the Transaction the Comply Path shareholders will own 50% of the shares on issue of IP1. Based on the share price of IP1 today, this notionally values Comply Path at approximately A$19.5 million.
The Transaction is unanimously recommended by the Board of IP1.