Reckon Limited (ASX:RKN) announced the spin-off of Document Management Business on March 17, 2017. As per the terms of the deal, Reckon Ltd will de-merge its Document Management segment under an independent company and every Reckon shareholder will receive pro rata Document Management Newco shares for Reckon shares held by way of a dividend in specie such that after the de-merger and admission to trading on AIM, shareholders will own shares in both Document Management Newco and Reckon Limited. The Document Management Newco will trade on AIM market of London Stock Exchange. Reckon will offer its shareholders an opportunity to participate in a capital raising in Document Management Newco just prior to AIM admission to provide the Document Management business with funding and Members of the Reckon board, including the Chairman, Deputy Chairman and Group Chief Executive Officer have indicated their commitment to the proposal by declaring their intention to participate in the capital raising. For the year ended December 31, 2016, the company recorded a revenue and EBITDA of AUD 13.57 million and AUD 1.93 million.

Reckon and Document Management Newco will continue to work together to maintain integration and on-going support of document management solutions to Reckon clients. The spin-off is subject to due diligence and any necessary regulatory approvals. Shareholder approval will not be required for the deal. The formal implementation and admission of Document Management Newco to AIM would occur approximately a month after the close of the capital raising. On July 6, 2017, Document Management Business is renamed as GetBusy Plc. The shareholders will receive 1 GetBusy Share for every 3 Reckon Shares held at the Record Time. The record date for the transaction is July 12, 2017. The expected admission date for GetBusy is August 4, 2017. Philip Secrett, Jamie Barklem and Carolyn Sansom of Grant Thornton UK LLP acted as accountants for GetBusy and Andy Crossley and Richard Johnson and Fiona Conroy of Stockdale Securities Limited acted as brokers for GetBusy. Paul Cornelius, Nick Rome and Sam Allen of Walbrook PR acted as public relation advisors to GetBusy.