Mark Bouris’ company Yellow Brick Road (YBR) has passed another hurdle to becoming publicly listed after shareholders of ITS Capital Investments resoundingly voted for the proposed back-door listing yesterday.
Shareholders also voted to change the name of ITS to Yellow Brick Road Holdings Limited and to increase the remuneration of non-executive directors of the company by from $125,000 to $200,000.
The next hurdle will be a capital raising of an intended $10 million, which will be achieved through the issue of over 31 million shares at a minimum price of 26 cents. If the company fails to raise at least $6 million the transaction will not go ahead.
Existing directors Gabriel Chiappini and Farooq Khan are expected to step down from the board now that shareholders have approved the transaction, while Scott Jones will resign once the prospectus for the capital raising has been issued.
If all requirements are met, the transaction is expected to be completed by 15 May.
