Announcement of voluntary delisting from ASX

Innlanz Limited (ASX: $INL) has announced its intention to voluntarily delist from the Australian Securities Exchange (ASX) due to the financial position and business changes forced by the COVID-19 pandemic. The company aims to provide shareholders with an equal access off-market buy-back opportunity prior to the delisting, with details outlined in the Notice of Meeting despatched to shareholders on 15 May 2024.

Executive commentary on delisting decision

The Board of Innlanz Limited has determined that the costs and administrative burden of remaining listed on ASX outweigh the benefits of a continued listing, considering the company's financial position and the impact of the COVID-19 pandemic on its business. The decision to pursue delisting and recommend shareholder approval is based on the belief that the benefits of delisting outweigh the benefits of continued listing, particularly in terms of cost savings and liquidity constraints. The Board remains optimistic about the company's future but recognizes the need to limit future losses and streamline operations.

Summary of delisting proposal and outlook

Innlanz Limited's voluntary delisting from ASX is driven by the aim to reduce corporate and administrative costs, including listing fees, and address liquidity constraints due to thin trading of shares on ASX. The company plans to provide shareholders with an equal access off-market buy-back opportunity prior to the delisting, subject to shareholder approval at the extraordinary general meeting on 14 June 2024. While the delisting will result in shares being only capable of sale by private transaction, shareholders will retain protections under the Corporations Act. The company's focus on business development and growth opportunities in the hospitality sector reflects its commitment to diversify revenue streams and navigate the evolving business landscape.