OPENPAY GROUP LTD (ASX.OPY)

Shareholders in this company should consider crystallising a capital loss in 2024/25 by selling their shares. This process is now much easier and quicker. It can be achieved online by entering transaction details here. While, this usually makes good economic sense we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

delisted for non-payment of annual listing fee under Listing Rule 17.15

we understand the entity failed to pay the annual listing fee

Under Listing Rule 17.6, an entity (if not already suspended) that had not paid its annual listing fees by close of business on Monday, 21 August 2023 would have its securities suspended from Official Quotation before the commencement of trading on Tuesday, 22 August 2023. The following entity has failed to pay to ASX Limited the annual listing fees for the year ending 30 June 2024 and consequently will have its securities suspended from quotation immediately. The company has failed to pay to ASX the annual listing fees for the year ending 30 June 2024, and its securities are already suspended from quotation.

The Receivers and Managers have completed the sale of Openpay's OpyPro SaaS business to OP Fiduciary Pty Ltd on 10 July 2023 for consideration of $10,000,000, payable as a reduction against the secured debt owing to OP Fiduciary. As part of the sale, six employees will transfer to the acquirer who will continue to operate the business as a going concern.

The Receivers and Managers have since published an advertisement seeking Expressions of Interest in relation to the: Openpay "˜buy now pay later' platform; OpyPro B2B SaaS platform; and recapitalisation of the Company. The deadline for Expressions of Interest closed on 22 February 2023 and the Receivers and Managers will now be providing information to interested parties with a view to progressing the sale campaign. First round indicative offers will be due from interested parties in early to mid-March 2023. The Receivers and Managers hereby give notice that they intend to rely on relief under ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 which provides for the deferral of financial reporting obligations for a minimum period of 6 months from the date of appointment of the Receivers and Managers and up to a maximum of 24 months if the external administration continues for longer than 6 months. Under the Instrument, all financial reporting obligations of the Company are deferred until at least 4 August 2023.

As outlined in the announcement on 6 February 2023, at this time, customers will no longer be able to use the Openpay platform for new purchases, but are still required to pay any outstanding balances in accordance with their existing agreements. The Receivers and Managers will be advertising for initial expressions of Interest during the course of next week in relation to the sale of assets subject to their appointment.

Barry Kogan, Jonathan Henry and Rob Smith, partners of McGrathNicol were appointed Joint and Several Receivers and Managers of Openpay Group Ltd and Openpay Pty Ltd on 4 February 2023, pursuant to the security held by OP Fiduciary Pty Ltd. Separately, Barry Kogan, Jonathan Henry and Rob Smith were also appointed Joint and Several Receivers and Managers of Openpay SPV Pty Ltd, and certain assets of Openpay Pty Limited by Amal Security Services Pty Limited on 3 February 2023. The Receivers and Managers will work closely with Openpay's employees, merchants and customers to urgently determine the appropriate strategy for the business. At this time, customers will no longer be able to use the Openpay platform for new purchases, but are still required to pay any outstanding balances in accordance with their existing agreements.

Barry Kogan, Jonathan Henry and Rob Smith, partners of McGrathNicol are appointed Joint and Several Receivers and Managers of Openpay Group Ltd and Openpay Pty Ltd

The securities of Openpay Group Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of OPY, pending the release of an announcement regarding its ongoing funding arrangements.

listed entity carried for record purposes only