Ansarada Pty Limited completed the acquisition of thedocyard Limited in a reverse merger transaction.
Following the completion of the offer and the acquisition, is it proposed that Steven Coffey and Neale Java will resign from the Board and will be replaced by Peter James, Sam Riley, and David Pullini. It is proposed that the Board of TDY will comprise of Peter James, Current Chairman of Ansarada as Non-Executive Director and Independent Chairman; David Pullini, Current Non-Executive Director of Ansarada as Non-Executive Director and Independent Director; Sam Riley, Current Chief Executive of Ansarada as Executive Director; and Stuart Clout, Current Chief Executive of TDY as Executive Director. It is intended to appoint a third Non-Executive, Independent Director to the board to TDY. Post the transaction, Ansarada Group will have over 140 full-time employees with offices in Sydney, Chicago, London, Amsterdam, Johannesburg and Ho Chi Minh City, while most employees will be in the APAC region.
Transaction remains subject to entry into a Share Purchase Agreement, completion of satisfactory due diligence by both TDY and Ansarada, TDY shareholder approvals, issue and allotment of TDY shares under the capital raising, ASX approvals including confirmation of the application of Chapter 11 of the Listing Rules to the transaction and other conditions customary for a transaction of this nature and certain key managers and employees of TDY and Ansarada executing escrow agreements in respect of shares in TDY. The finalization of transaction documents is expected in three weeks and shareholders' approval is expected to be obtained in 11 weeks. The shareholder meeting will be conducted on November 24, 2020. As of November 24, 2020, TDY will be renamed as Ansarada Group Limited after receiving shareholders' approval. Completion is expected by early December 2020. As of September 30, 2020, this transaction is expected to close on December 4, 2020. Morgans Corporate Limited acted as financial advisor and Herbert Smith Freehills LLP acted as legal advisor to thedocyard. Moelis Australia Advisory Pty Ltd acted as financial advisor and Shannon Finch of Jones Day (Australia) acted as legal advisor to Ansarada Pty Limited.
Ansarada Pty Limited completed the acquisition of thedocyard Limited (ASX:TDY) in a reverse merger transaction on December 04, 2020. Completion of the acquisition follows the satisfaction or waiver of conditions precedent and other completion requirements, including the completion of the capital raising in which TYD raised AUD 45 million through the issue of 30.4 million shares, and completion of a 10 to 1 share consolidation. Ansarada Group Limited is expected to recommence trading on the ASX on December 9, 2020. Steven Coffey and Neale Java have resigned as Directors, and Peter James, David Pullini and Sam Riley have been appointed to the board. Stuart Clout will remain a Director.