SLM Corporate is pleased to announce that it has acted as independent adviser to the Remuneration Committee of the Board of Clinuvel Pharmaceuticals Limited in relation to the reasonableness of a proposed grant of performance rights to the Managing Director, and new remuneration arrangements for the Managing Director and Chief Financial Officer.
The proposed remuneration packages aimed to incentivise Clinuvel’s senior executives for achieving long term objectives, while awarding part of their incentives in Clinuvel equity in order to align their objectives and performance fully with the interests of the company’s shareholders.
SLM undertook benchmarking of the proposed packages against local and international comparable peers to Clinuvel, and also considered the experience of the executives and their track record of value creation for Clinuvel. SLM’s findings and opinion as to the reasonableness of the proposed packages were presented to the Clinuvel Board’s Remuneration Committee.
Clinuvel is an ASX-listed global biopharmaceutical company focused on developing and delivering treatments for patients with a range of severe genetic and skin disorders. The award of the proposed performance rights was conditional on the US Food and Drug Administration (“FDA”) approving Clinuvel’s lead drug, SCENESSE®, for distribution to EPP patients, to enter the US market. This FDA approval was granted on 9th October 2019.
For further information on this matter please contact:
Ph: 03 9244 9644 or 0419 032493
SLM Corporate is pleased to have acted as corporate adviser to QuickFee Limited (“QFE” or “the Company”) in relation to its successful Initial Public Offering (IPO) and ASX listing (ASX: QFE).
QFE is a commercial finance and payment platform company which provides lending solutions to SME clients of professional services firms, with operations in Australia and the US.
Over the past year, SLM has worked closely with QFE, providing corporate advisory support as well as guidance and oversight during the prospectus due diligence process, to position the Company for a successful ASX listing. Upon listing, SLM’s Managing Director, Barry Lewin, has also agreed to join QFE’s Board as Independent Non-Executive Chairman.
Bell Potter Securities as Lead Manager raised $13.5 million under the IPO Share Offer, with QFE having a fully diluted market capitalisation upon listing of $32.3 million. The offer was strongly supported by a range of institutional and sophisticated investors, with the funds raised being used by QFE to fund its customer acquisition drive and lending growth in both Australia and the US.
For further information on the above, please contact:
Ph: 03 9244 9644 or 0419 032493
SLM advises that it has completed an Independent Valuation Report for ASX Listed Elixinol Global Limited (ASX EXL).
Under Australian Securities Exchange (“ASX”) Listing Rule 7.1A.3 where equity securities are issued for non-cash consideration (i.e. the acquisition of an asset), the eligible entity must provide for release to the market a valuation of the non-cash consideration that demonstrates that the issue price of the securities complies with the Listing Rule 7.1A.3. The rule requires that the eligible entity must demonstrate that the deemed issue price of the securities issued in consideration for the acquisition of the asset is no lower than 75% of the volume weighted average share price (“VWAP”) of the securities over the 15 days during which trades in the securities were recorded immediately before the securities are issued.
A copy of the report can be found here: https://www.asx.com.au/asxpdf/20190424/pdf/444hwsnrxq07rr.pdf
For further information, please contact Barry Lewin or Kuo ning Ho from SLM Corporate on 03 9244 9644.