So it looks like QOR will be merging with Aura, a US, Boston-based company of complimentary and in some areas overlapping products/services.
I didn’t see the announcement early enough to jump on the webinar this morning, but no doubt more will be said in the days to come.
As I read it, the deal is: 1 Aura CDI per ~17.2 QOR shares, valuing QOR shares at ~0.72 AUD. THEN subsequent to the merger, Aura to apply for regular listing on the ASX under the ticker AXQ.
Interestingly, binding commitments have been received from existing Aura shareholders for an equity placement of USD 75 million at an expected price of AUD 12.38 per AXQ share (from where the 0.72 value of QOR shares can be deduced), giving a ~AUD 3.0 billion equity value to the combined business. QOR is currently 454 million.
The deal has the unanimous backing of QOR management, so other than clearing the usual regulatory hurdles, should go through. Although I suspect it will take some time to finalize.
The merged entity will be run by a merged board.
Hmm. I hold IRL, and will likely continue to hold and see where this leads.