The Federal Court of Australia will hold a hearing for the proposed scheme of arrangement between tech firm GetSwift (ASX:GSW) and its shareholders today, in the company’s bid to redomicile to Columbia, Canada.
Under the proposed scheme, a newly formed corporation incorporated in Canada named GetSwift Technologies would become the parent company of the GetSwift group of companies.
If the Scheme is implemented, GetSwift Shareholders would receive around one common share in the new Canadian company for every seven GetSwift Shares held.
GetSwift will today seek a court order approving the scheme. This order would be subject to obtaining FIRB approval and acceptance of the GetSwift Technologies prospectus by the British Columbia Securities Commission.
Shares in GetSwift (ASX:GSW) closed 9.09 per cent higher at 30 cents yesterday.