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Trimantium GrowthOps misses key float milestone with delay in overseas money blamed

The complex merger of independent agencies and tech companies including AJF Partnership and Khemistry into new venture Trimantium GrowthOps has missed a key deadline for settlement of its ASX share offering.

Late last week Trimantium GrowthOps placed a notice on its website saying it had placed 70 million shares at a dollar each, valuing the group at the bottom end of its $142.6 million to $166.4 million valuation range. But the company says that not all of the money – which should have arrived yesterday – has turned up.

If it goes ahead, the deal would see Melbourne based agency AJF, Brisbane agency Khemistry and Canberra agency Voodoo Creative join a group of tech companies trading under the Trimantium GrowthOps name.

Last month, the retail offer ended early, with the company suddenly announcing its offer had been fully subscribed.

According to Trimantium’s published timetable, yesterday was settlement day for the deal, with shares being allocated today. The company – allocated the trading code TGO – was due to start trading on the ASX from Friday.

Trimantium’s indicative timetable

When asked on Wednesday whether the process was running to schedule, Trimantium said: “The company cannot comment on the IPO or timetable at this time.”

On Thursday, Trimantium conceded that it had missed yesterday’s window. It claimed that it had been promised the money from overseas, but the cash was yet to turn up.

It said in a statement on its website, it said: “As at the date of this notice, the Company has received applications for $70 million of Shares, which equates to 70 million Shares at a price of $1 per Share (meaning that applications have been received for the entirety of the Offer), but no Shares have been issued under the Offer. Certain applicants have notified the Company that they require a longer period of time to transfer their application monies from foreign bank accounts into the IPO settlement trust account. As such, the Company has not yet completed Settlement.

Based on the Company’s communications with the affected applicants, we anticipate receipt of all application monies shortly. To that end, the Company will release a revised transaction timetable by no later than Monday, 12 February 2018.”

Meanwhile, the last few days saw Trimantium publish an unusual video featuring Khemistry managing partner Andy Fyffe explaining the merged model.

Gazing slightly off camera and appearing to be reading from a script, Fyffe says: “We’re particularly excited to team with other co-founders – in our experience there’s an ambition, an energy, a resourcefulness, frankly a relentlessness, that’s quite unique to founders.”

February 8 update: This story was originally posted on February 8 reflecting that the company was not commenting on whether it had hit the deadline. It has since been updated to reflect the fact that the timetable was missed.

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