ITS to become YBR, Bouris appointed to board
Yellow Brick Road (YBR) executive chairman Mark Bouris has been appointed to the board of ITS Capital Investments in preparation for the intended backdoor listing of the company.
If approved by ITS shareholders at the general meeting on 17 March and successfully implemented, ITS will become the holding company of the YBR group of companies.
The transaction will involve ITS acquiring YBR and a public capital raising of $10 million, after which ITS will change its name to Yellow Brick Road Holdings and adopt the YBR business model.
As a precursor to the transaction, Mark Bouris, his brother Adrian Bouris and Owen Williams have been appointed to the ITS board of directors.
Existing directors Gabriel Chiappini and Farooq Khan intend to resign from the board immediately after the general meeting if shareholders approve the listing, while Scott Jones will resign once the prospectus for the capital raising has been issued.
On the completion of the transaction, Mark Bouris will be appointed as executive chairman of the new group.
The company stated that the purpose of the board changes was to ensure that “once the transaction is fully implemented, only those persons with the knowledge of, and expertise in relation to, the YBR business model will have direct control of the company”.
AUTHOR
Ashleigh McIntyre
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