BLACKWALL intends on retaining a 14% interest in its WOTSO coworking business should a planned demerger go ahead in the coming months, reflecting an adopted valuation of WOTSO at $35 million.
Around the time of or following the demerger, WOTSO intends to raise capital of up to $10 million via an entitlement offer, and $30 million through a strategic placement.
WOTSO aims to seek a listing on ASX in its own right in 2020. John Tuxworth has been named as chair of the WOTSO board upon demerger, and Rose Herceg and Peter Walsh will be none executive directors.
A general meeting of BlackWall shareholders will be held on 20th December, where they will be asked to approve the demerger.