Newly listed tech firm opts for voluntary administration
PREDICTIVE intelligence software producer Veriluma – which has a tech hub at Robina – has been placed into voluntary administration.
The company, which listed last year via the reverse takeover of mining junior Parmelia Resources, released a statement to the ASX saying Jami- eson Louttit, of Jamieson Louttit, has been appointed administrator.
“The board has fully considered all of its known options and believes this is the best route to preserve shareholder value at this time,” the statement from Veriluma reads.
“The administrators are undertaking an urgent assessment of the company. The objective is to work closely with the board, management, employees and prospective customers to quickly restructure and determine the appropriate strategy for the business.”
The move represents a stark change in the fortunes of the small company, whose chairman Rick Anstey is also based on the Gold Coast.
Shares in Veriluma – which last year was named a “cool vendor” by global information technology research firm Gartner – hit a high of 10.5¢ after listing at 7¢ last September.
The firm’s clients included the Australian Department of Defence, corporate and commercial law firm Gilbert+Tobin who partnered with Veriluma on a software trial, and Global Business Resilience, a Sydney firm that helps clients identify and manage social, environmental and security risks.
However, the company recorded a $14.42 million loss for FY17 – $12.5 million of which related to the costs incurred from the reverse acquisition of Parmelia.
In the annual report for FY17, the company noted that it was yet to receive $640,000 in proceeds from the sale of the Jaurdi Hills Project gold mine – which Veriluma inherited from Parmelia Resources.
Shares were suspended from the ASX, when the price was 1.5¢, in September when Veriluma announced it planned to acquire Brisbane-based software firm Concept Safety Solutions.
Veriluma said it would offer $12.4 million for CSS – $3.1 million in cash and $9.3 million in new Veriluma shares to be issued to CSS shareholders. The deal was subject to conditions.