Locate Technologies Limited

ASX:LOC

Locate Technologies Limited

ASX:LOC
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$0.061 (+1.7%)
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Forum Topics LOC LOC ASX Announcements

Pinned straw:
rh8178
Added 3 months ago

Locate announcing that they will be transferring the listing of the company to the NZ Stock exchange - I only scan read it, but seems they will list a co in NZ that will acquire the Australian entity in a scrip for scrip. Bottom line is that Australian shareholders will end up with a NZ share 1 for 1 listed on the NZX. Main argument appears to be that it is easier to run their Bitcoin treasury strategy from NZ.

My initial take - what a waste of shareholders money and for what benefit...the obligatory court proceeding, 40 page scheme doc etc not to mention delisting costs - this in a <$10m market cap company...ridiculous!

Held in IRL (for the moment anyway!)
Strawman
Added 3 months ago

Totally agree @rh8178

Acquiring bitcoin while still loss making and burning through cash is silly. Also, it may have engineered a nice bump when they announced it, but it didnt last:

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rh8178
Added 3 months ago

Just watched the company's presentation on this. Apparently because Bitcoin is considered a cash equivalent, Locate was in danger of breaching the ASX cash box rules. It actually has been limiting their ability to buy bitcoin. So in order to buy more bitcoin they had to find another exchange and NZ rolled out the red carpet.

That's interesting - I think it means we won't see a lot of Bitcoin treasury business on the ASX if that remains the rule.

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