AssetOwl Limited (ASX:AO1) Announces Debt Re-negotiation
Debt Re-negotiation Overview
AssetOwl Limited (ASX:AO1) has initiated steps to reduce its debts to related parties, entering termination deeds with former Non-Executive Directors (former) Mr Simon Trevisan and (current) Mr Adrian Siah.
Settlement with Mr Simon Trevisan
The Company owed $1.1M to Mr Simon Trevisan and Tribis Pty Ltd for loans, accrued interest, administration fees, and director remuneration. The settlement includes an immediate payment of $117,496 and the issuance of 349,846,740 new ordinary shares to Tribis Pty Ltd at A$0.001 per share. If shareholder approval is not obtained by 9 June 2025, an additional $30,000 will be paid instead of the shares.
Settlement with Mr Adrian Siah
The Company owed $0.2M to Mr Adrian Siah and related parties for loans, accrued interest, and director remuneration. The settlement includes an immediate payment of $3,500 and the issuance of 100,000,000 new ordinary shares to Mr Siah at A$0.001 per share. If shareholder approval is not obtained by 9 June 2025, an additional $30,000 will be paid instead of the shares.
Review of Company Operations
The board is reviewing the Company’s assets and operations, actively seeking opportunities to enhance shareholder value.
General Meeting of Shareholders
A General Meeting is being prepared for shareholders to consider resolutions related to the proposed share issues.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.