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Velpic substantial holder Merchant Opportunities Fund lifts stake

The company recently received an offer to sell its customer book and intellectual property.
buying shares
Actively seeking new investments opportunities

Velpic Ltd (ASX:VPC) substantial shareholder, Merchant Opportunities Fund, has lifted its stake in the company through on-market purchases.

Merchant Opportunities Fund now holds 8.84% of Velpic, up from 6.35%, as outlined in a notice of change of interests of substantial holder.

READ: Velpic secures better offer for the sale of its customer book and intellectual property

The company recently received an offer from Damstra Technology Pty Ltd to purchase its customer contracts and intellectual property that is superior to an earlier deal agreed with Go1 Pty Ltd.

Notably, the deal with Damstra provides for a payment of $1 million up-front, with additional deferred consideration of about $2.8 million.

New direction for the company

An extraordinary general meeting (EGM) of shareholders will be convened to seek approval for the proposed sale to Damstra, under ASX Listing Rule 11.2 (disposal of main undertaking), and to change the company’s name.

The company will continue to actively seek new investments opportunities, and also seek out opportunities for the sale of its other divisions and investments.

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