Seeking new venues after de-listing from Nasdaq First North
New chief executive/chairman with background in blockchain
€4.8mln acquisition of European digital asset investment firm Blockchain Nordic
The Marketing Group PLC (NASDAQ: OMX:TMG), which trades as RYVL, is undergoing a transformative period.
Venue for suitable future listing
In early April, the company said it would see its shares delisted from Nasdaq First North and said it intends to apply for a future listing at another suitable venue before the end of 2019.
The group announced on 17 March 2019 that, after an investigation following recent acquisitions, Nasdaq had concluded that the company’s operations had changed substantially and it was therefore no longer compliant with its listing requirements and that the company had to file a new application for admission to trading on Nasdaq First North by 1 April 2019 or be de-listed.
READ: The Marketing Group plans to de-list shares from Nasdaq First North, apply for future listing elsewhere before end 2019
In a statement, the company said that “having carefully considered the current situation and the pros and cons of applying for a re-listing on Nasdaq First North, including the costs involved in such application process and the Company’s intentions for the future, the Board of Directors of TMG has resolved not to file a new application with Nasdaq.”
The Marketing Group’s interim chief executive, Jesper Ohlenschlaeger commented: “It is my firm opinion that the TMG has not changed identity and that necessary steps have been taken to comply with the requirements of Nasdaq First North.
“In this respect, TMG has continuously sought guidance from its Certified Adviser. However, given the current situation and the future of TMG, the Board of Directors finds it to be advantageous for TMG to leave the Nasdaq First North trading platform as the value of the Company was not reflected in the share price.”
He concluded: “This situation enables us to fully implement a heavy turn-around strategy before applying for a future listing of the Company’s shares at a suitable listing venue, which is expected to take place before the end of 2019.”
The Marketing Group pointed out that its shareholders will remain as shareholders in the company after de-listing of the shares.
The company said it intends to investigate alternate arrangements to accommodate trading in the company’s shares, for example on an OTC trading platform, until they have been re-listed on a suitable listing venue.
It concluded: “Shareholders will shortly be convened to an extraordinary general meeting at which further information about the Company’s future strategy will be presented and discussed.”
New executive chairman and interim CEO
Ohlenschlaeger joined The Marketing Group following its €4.8mln acquisition of European digital asset investment firm Blockchain Nordic in December, and also hold the position of executive chairman.
Blockchain Nordic has offices in London, Copenhagen and Marbella, and provides a wide range of investment solutions for dealing in digital assets, such as index investments, tailored portfolios and its own exchange providing access to numerous cryptocurrencies and currency pairs.
READ: The Marketing Group appoints Blockchain Nordic boss Jesper Ohlenschlaeger as its executive chairman
The company noted that Ohlenschlaeger is a serial entrepreneur with achievements in private equity environments and a variety of sectors, having started over 20 companies in the last 25 years.
A lawyer by education, he has worked exclusively within the blockchain industry since 2017, including as chief executive officer of Blockchain Nordic, the group added.
Ohlenschlaeger said: “We have seen an explosion in the blockchain industry over the last two years and I believe the Group is very well positioned to continue to be a leading company in the blockchain space in the northern part of Europe and to expand our activities into Asia and America.”