Announcement • Dec 30
Innovation Holdings Australia Pty Ltd (IHA) completed the acquisition of remaining 74% stake in iSelect Limited (ASX:ISU) from Microequities Asset Management Pty Limited, Thorney Investment Group Australia Pty. Ltd. and others. Innovation Holdings Australia Pty Ltd (IHA) entered into a Scheme Implementation Agreement to acquire remaining 74% stake in iSelect Limited (ASX:ISU) from Microequities Asset Management Pty Limited, Thorney Investment Group Australia Pty. Ltd. and others for AUD 53.3 million on August 10, 2022. Under the scheme, iSelect shareholders will receive cash consideration of AUD 0.30 per iSelect share. The break fee and reverse break fee, if payable, are each capped at an amount equal to 1% of the total equity value of iSelect under the Scheme. The maximum amount of break fee payable by IHA and iSelect each, shall be AUD 0.72 million. The iSelect Board unanimously recommends that iSelect shareholders vote in favour of the Scheme. The implementation of the Scheme is subject to approval by the Australian Competition and Consumer Commission, shareholder approval, court approval, iSelect Shareholders approval, an independent expert confirming that the transaction is in the best interests of iSelect and completion of acquisition by iSelect of a 49% shareholding in CIMET Holdings Pty Limited. As of September 28, 2022, ACCC has commenced the review of the transaction and is expected to deliver a statement on December 8, 2022. The Scheme Meeting at which eligible iSelect shareholders will vote on the proposed Scheme will be held on December 9, 2022. Subject to satisfaction of the conditions precedent to the Scheme (including ACCC approval), it is anticipated the Scheme will complete within the period from December 2022 to March 2023. As of December 2, 2022, the transaction has been aproved by ACCC. As of December 9, 2022, the scheme has been approved by the shareholders of iSelect. As of December 14, 2022, the scheme has been approved by the Federal Court of Australia. As of November 9, 2022, scheme is expected to be effective on December 15, 2022. As of December 15, 2022, the scheme is to be implemented on December 28, 2022. As of December 15, 2022, the shares of iSelect have been suspended from trading on ASX. iSelect is being advised by Canterbury Partners as financial adviser, and Mills Oakley as legal adviser. King & Wood Mallesons acted as legal advisor for iSelect. Computershare Investor Services Pty Limited acted as Registrar for iSelect Limited.
Innovation Holdings Australia Pty Ltd (IHA) completed the acquisition of remaining 74% stake in iSelect Limited (ASX:ISU) from Microequities Asset Management Pty Limited, Thorney Investment Group Australia Pty. Ltd. and others on December 28, 2022. As of December 29, 2022 iSelect Limited will be removed from the Official List following implementation of the scheme of arrangement. Announcement • Oct 28
iSelect Limited, Annual General Meeting, Nov 29, 2022 iSelect Limited, Annual General Meeting, Nov 29, 2022, at 14:30 AUS Eastern Standard Time. Agenda: To receive and consider the Company's Annual Financial Report including the Directors' Report and Auditor's Report for the year ended 30 June 2022; Adoption of to consider Remuneration Report; to consider Election of Ms Melissa Reynolds as a Director; to consider Re-election of Ms Bridget Fair as a Director; to consider Re-election of Mr Geoffrey Stalley as a Director; to consider Amendments to the Constitution; to consider Approval of leaver entitlements; and to consider other matters. Reported Earnings • Sep 01
Full year 2022 earnings released: AU$0.052 loss per share (vs AU$0.009 loss in FY 2021) Full year 2022 results: AU$0.052 loss per share (down from AU$0.009 loss in FY 2021). Revenue: AU$93.1m (down 16% from FY 2021). Net loss: AU$11.8m (loss widened 493% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 21% per year. 
