Reverse takeover (RTO) listing on 27 January 2016
During the year, Invitrocue Limited acquired all the shares of Invitrocue Pte Ltd by means of a scrip offer. This is considered a reverse takeover (RTO) for accounting purposes, with Invitrocue Limited being the accounting subsidiary and Invitrocue Pte Ltd being the accounting parent.
This transaction is considered to be a share based payment and a one-off non-cash expense of S$19,393,535 was recognised in the income statement as ‘Listing Cost’.
During the year, the Group made a consolidated net loss of S$20,802,863 (FY2015: S$809,654 loss), of which S$19,393,535 of costs related to the RTO and approx. S$0.8 million related to the re-quotation of Invitrocue Ltd’s shares on the ASX. These one-off costs totalling approx. S$20.2 million will have no further impact on the future performance of the Group.
Excluding RTO and listing cost, the group incurred a loss of approx. S$0.6 million for the financial year ended 30 June 2016.
Change in accounting period
Invitrocue Limited has a financial year end of June, whereas Invitrocue Pte Ltd has a financial year end of December. Due to the acquisition, Invitrocue Pte Ltd changes its financial year end to June to be congruent with Invitrocue Limited. As a result, the information presented in the Appendix 4E are for the 6 months period ended 30 June 2016, with the comparative information being those of the accounting parent, Invitrocue Pte Ltd, for the 12 months period ended 31 December 2015 which is the latest financial year end for that entity.
The presentation currency for the financial statements has been changed to be expressed in Singapore dollars, which is the functional currency of Invitrocue Pte Limited (the accounting parent).
– ENDS –