OneMarket
OneMarket developed a cloud-based platform to help brick-and-mortar retailers engage with customers online and offline. The company was wound up in 2019, with shareholders receiving an interim distribution in 2020.
Services
OneMarket developed a cloud-based, connected platform and ecosystem of customer-centric solutions. These solutions were designed to assist brick-and-mortar retailers in identifying, understanding, and activating customers both online and offline. The platform aimed to bridge the gap between physical and digital retail, enhancing customer engagement and improving the retail experience.
Company History
On 28 August 2019, the Board of OneMarket announced a review of strategic options to maximize value for shareholders. Subsequently, on 30 September 2019, the Board decided to proceed with an orderly winding-up of the company, subject to necessary shareholder approvals. At the General Meeting held on 2 December 2019, shareholders approved the voluntary wind-up of the company, the appointment of a liquidator, and the removal of OneMarket from the ASX Official List. The company was officially removed from the ASX Official List by the close of trading on 2 December 2019, pursuant to Listing rule 17.11.
Shareholder Distribution
In the Notice of General Meeting provided to shareholders on 1 November 2019, OneMarket estimated the interim distribution would be approximately $0.88 - $0.94 per share. However, on 15 June 2020, an interim distribution of A$1.08 per share was paid to shareholders. The improved interim distribution was attributed to the favorable movement of the US Dollar to Australian Dollar exchange rate and the company's timely conversion of a significant amount of cash from US Dollars to Australian Dollars.
Liquidation Process
As part of the winding-up process, shareholders approved resolutions to appoint a liquidator and handle the voluntary wind-up of OneMarket. The liquidators' remuneration was capped at US$250,000 (plus GST and disbursements), equating to approximately US$0.002 (0.2 cents) per share. Further details regarding the liquidation can be found in the ASIC fact sheet for shareholders.