A major shareholder of OneMove Technologies Inc. (TSX-V:OM) is planning to buy the Vancouver econveyance software company out and go dark.
Plantro Ltd., owned by Canadian investor Matthew Proud, owns a 20% stake in OneMove. Proud has made an insider bid to buy the other shareholders out at $0.425 per share and then take the company private.
The buyout must be approved by 67% of shareholders. After Planto's offer was made in December, the company commissioned an independent evaluation, which found Plantro's offer of $0.425 per share a fair one.
OneMove specializes in econveyance software, which is used by lawyers to simplify the process of conducting real-estate transactions.
The company went public in 2006 with the aim of using the capital raised through the IPO to expand into the U.K. – but that never happened.
"Taking it private will allow us to make more savings," Serge Salager, CEO of OneMove Technologies, told Business in Vancouver.
