Openn Negotiation appoints voluntary administrators

Openn Negotiation Limited (ASX: $OPN) has appointed Richard Tucker and John Bumbak of KordaMenths as Joint and Several Administrators, effective today. The decision to place the company into voluntary administration was made by the Openn Directors to enhance the possibility of its continuity or to ensure a better return for its creditors and members in comparison to an immediate winding up. The appointment follows the Company's failure to secure the necessary funds to sustain its operations as a going concern.

Executive Commentary

The Openn Directors believe that placing the company into voluntary administration is the most viable option to maximize the potential for its ongoing existence or to secure better returns for its creditors and members. The failure to raise essential funds has led to this decision. The Administrators will work closely with the management to assess the situation and determine the best strategy for the company. We will keep the stakeholders informed about the progress through ASX announcements.

Summary

Openn Negotiation Limited (ASX: $OPN) has appointed Richard Tucker and John Bumbak of KordaMenths as Joint and Several Administrators to oversee the company and its subsidiaries. The decision to enter voluntary administration aims to improve the chances of the company's continuity or to ensure a more favorable outcome for its creditors and members. The Administrators will conduct a thorough assessment and collaborate with the management to devise an appropriate strategy. Share trading on the ASX will remain suspended during the administration period. The company will provide updates on the administration through ASX announcements.