Consumer finance provider Splitit Payments has confirmed it will delist from the Australian Stock Exchange to set up a new entity in the Cayman Islands.
As a private company, Splitit expects to establish a presence on private share trading platform PrimaryMarkets to facilitate periodic trading in Splitit shares during the period following its delisting.
Splitit stated, “Existing shareholders will have the flexibility to choose to participate in the Company’s value creation by retaining ownership in Splitit as a private company or to decrease ownership through trading on ASX prior to the completion of the delisting.
“As a private company, Splitit expects to have a partnership with PrimaryMarkets, a private share trading platform, to facilitate periodic trading in Splitit shares during the period subsequent to the completion of the delisting. Nonetheless, there is no assurance or guarantee that there will be sufficient liquidity in the private share trading platform to facilitate shareholders being able to sell their shares.”
Jamie Green, Executive Chairman at PrimaryMarkets noted, “We continue to note there is a growing number of Australian companies that are choosing to go private and are looking at alternative avenues to raise capital outside the traditional listing avenue.”
This post originally appeared on TechToday.