Decimal ready to hit boards
Financial planning software group Decimal will hit the Australian Stock Exchange on Thursday after wrapping up its backdoor listing via the Ian Middlemas-chaired former coal play Aviva Corporation.
With a $13.6 million war chest following the reverse takeover, Nedlands-based Decimal said it was set to launch an aggressive sales and marketing campaign both here and overseas for its "cloud-based financial services software".
Aviva shareholders - who were big winners from the deal, banking 6� a share following a capital consolidation - gave Decimal the green light last month.
As part of the deal, Aviva, which was last valued at $21 million, issued Decimal 112.5 million shares after a one-for-three share consolidation, meaning Decimal shareholders will hold 63 per cent of its stock.
Following the deal, Decimal will have 178 million shares on issue, with parties associated with executive chairman Michael Sertorio and Decimal founder Jan Kolbusz receiving 6.7 million and 1.1 million shares respectively.
The director's shareholdings will increase a further 25.1 million for Mr Sertorio and 9.3 million for Mr Kolbusz after a 24-month escrow period.
Decimal, which started in 2006, lists Macquarie Bank and MLC among its clients.
It has ambitious plans to "transform" the financial planning industry through its "end-to-end mobile-enabled cloud platform".
Ian Middlemas, along with two other Aviva directors, will now retire from the board. Decimal was contacted for comment.
