The shareholders have voted overwhelmingly to remove ITL Health Group Limited from the official list of the ASX at the Extraordinary General Meeting held today at 10:00 am.
At the meeting 70% of the total shares on issue were voted with 87.5% of those voting to delist and 12.5% voting to remain on the ASX.
The Board now looks forward to being able to deliver better returns to shareholders in the future that were not being delivered by the ASX in terms of value, liquidity and lower business costs.
Looking forward, the company will be removed from the official list on or around the 8th February 2019, being 1 month following the vote by shareholders. During this time shareholders can either retain their shares in the company or divest via on-market trades. As announced, the company also has facility if needed for share buybacks (in line with ASX rules and specifically LR 7.33 which prevents a company from buying its own shares back at a price more than 5% above the volume weighted average price of the last 5 days of share trading) to provide liquidity for shareholders who wish to divest.
Following the de-listing, shares will not be able to be traded on the ASX. However, following questions from some shareholders, the company intends to explore options to provide a mechanism for shareholders to sell shares going forward as an unlisted entity.
The Board now looks forward to being able to focus on the future growth of the company and to deliver returns to its shareholders.
About ITL Health Group
ITL is an innovative global medical technology company comprising two divisions: ITL BioMedical and MyHealthTest. ITL holds an IP portfolio of more than 50 patents and sells into 55 countries.
ITL BioMedical creates and manufactures leading edge medical devices for the global blood industry including products for the clinical, blood banking and laboratory markets. ITL is a growing provider of specialist ancillary products for the Blood Culture Testing and Blood Stream Infection Prevention markets.
MyHealthTest is developing a disruptive business model in the pathology testing market and is building an innovative platform for driving and leveraging the direct to consumer healthcare revolution.