Galicia embraces TV2U in RTO plan
The backdoor listing trend rolls on, with Perth’s Galicia Energy yesterday announcing plans to list Hong Kong-based “media technologies” company TV2U in a deal worth about $10 million.
Galicia Energy, up until yesterday an oil and gas operator with assets in Ukraine and Poland, wants to list TV2U by August, saying in a statement the oil and gas sector’s difficulties, coupled with the hostilities in Ukraine, led to its decision.
As a prerequisite to the deal, Galicia will need to raise a minimum of $6 million through a prospectus.
TV2U, which is focused on Asia, describes itself as a “leading systems integrator” allowing broadcasters and companies to “quickly and securely acquire, create, manage and deliver long and short form content”, generally through television broadcasts.
The deal failed to move investors yesterday, with Galicia shares dropping 0.1¢ to 1.2¢.
Peter Wall, Galicia’s chairman, is a partner at law firm Steinepreis Paganin, which has also been recruited as legal adviser on the listing.
More than 40 Perth companies have now attempted — or are trying — to backdoor list on the Australian Securities Exchange.
Galicia is the latest in a flurry of backdoor plays over the past month as failed exploration shells across West Perth attempt to list before an ASX crackdown on dying listed entities hits on January 1.
