RIGHTCROWD REVERSE TAKEOVER MOVES A STEP CLOSER
Written on the 30 November 2016 by James Perkins
STEVE Terry has resigned as managing director of Omni Market Tide (ASX:OMT) as the company negotiates the transition to its new structure through the reverse takeover of RightCrowd.
His resignation clears the way for RigthCrowd founder, and its current CEO, Peter Hill, to take control of the company as managing director.
As reported recently, Omni Market Tide will become RightCrowd on the ASX in a deal that will value the Gold Coast site security automation company at $85 million.
Hill will be the major shareholder in the newly-listed company, which will retain some of the existing OMT board and staff, including current chairman Glenn Vassallo.
Vassallo thanked Terry for his contribution to OMT.
"Mr Terry has done an excellent job in progressing the interests of all the stakeholders of OMT, in particular, the present opportunity with RightCrowd," he says.
Terry left the company on 25 November.
In other staff moves, OMT has appointed a new board member, Bryan Granzien.
He was, until recently, the CEO of Tata Steel's Australian office.
"Bryan is an experienced executive having held GM or CEO roles in the mining, manufacturing, agribusiness and technology industries over a career spanning more than 30 years with international experience gained through positions in England and Singapore," says Vassallo.
"Prior to working for Tata Steel, Bryan held computer leadership roles at MIM Holdings, Grainco Australia and Neumann Steel."
The prospectus is still being put together by Morgans in Brisbane, but there is high confidence the deal, which needs to be ratified by OMT shareholders at a meeting in January, will go ahead.
The OMT mobile development team has already started working with the RightCrowd team on 'mobility solutions', says Vassallo.
"Given the substantive progress of the RightCrowd Transaction and the obvious mutual synergies and complimentary skillsets between the RightCrowd and OMT development capabilities, commencing immediate development of mobile solutions by OMT for the RightCrowd product suite will best position the two companies for a seamless integration post-completion."
OMT was previously attempting to commercialise software that would have allowed ASX companies to host virtual annual general meetings. However, the company lost $3.5 million in the nine months to 30 September as it had no users for the technology.