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Identitii Ltd. ( (AU:ID8) ) has shared an update.
Identitii Limited faces a challenge before the Takeovers Panel after shareholder Mitchell Asset Management lodged an application over the company’s ongoing 1-for-2 non-renounceable rights issue, partially underwritten by major shareholder Beauvais Capital. The applicant argues the capital raising, which could lift Beauvais Capital’s stake from 29.92% to as much as 49.91%, is structured in a way that risks unacceptable control effects, given its pricing relative to market, the non-renounceable nature of the offer, the treatment of foreign shareholders, and the alleged failure to pursue less dilutive funding alternatives or consider other underwriting proposals. It is seeking interim orders to halt the issue and hold subscription funds in trust, and final orders to cancel the current rights issue and restrict future capital raisings and transactions that could increase Beauvais Capital’s voting power, potentially affecting Identitii’s capital strategy and control dynamics if the Panel proceeds and rules in its favour.
The most recent analyst rating on (AU:ID8) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Identitii Ltd. stock, see the AU:ID8 Stock Forecast page.
More about Identitii Ltd.
Identitii Limited (ASX: ID8) is an Australia-listed company, with a shareholder base that includes institutional investors such as Beauvais Capital and Mitchell Asset Management. The company has recently relied on equity and shareholder funding, including loan arrangements and rights issues, to support its capital requirements and ongoing operations.
Technical Sentiment Signal: Sell
Current Market Cap: A$4.99M
See more insights into ID8 stock on TipRanks’ Stock Analysis page.