Identitii Limited faces a setback as Beauvais Capital terminates its underwriting agreement following Takeovers Panel orders, triggering shareholder withdrawal rights and uncertainty over the company’s capital raising plans.
- Beauvais Capital ends underwriting agreement for Identitii’s rights issue
- Takeovers Panel finds unacceptable circumstances in the capital raising offer
- Shareholders granted withdrawal rights under Panel’s orders
- Identitii to issue supplementary offer document detailing next steps
- Company remains focused on strategic goals and exploring funding options
Underwriting Agreement Terminated
Identitii Limited (ASX, ID8) has announced the termination of its underwriting agreement with Beauvais Capital Pty Ltd, acting as trustee for the Reginald Hector Trust. The agreement, initially signed on 1 December 2025 to support the company’s non-renounceable rights issue, was ended following a ruling by the Takeovers Panel. This development introduces fresh uncertainty into Identitii’s capital raising efforts.
Takeovers Panel Intervention
The Takeovers Panel’s involvement stemmed from an application lodged by Mitchell Asset Management Pty Ltd, which raised concerns about the conduct of Identitii’s rights issue. On 10 February 2026, the Panel declared that unacceptable circumstances existed, ordering the company to provide shareholders with withdrawal rights and restricting the issuance of securities to the underwriter without shareholder approval. These orders directly triggered the termination event under the underwriting agreement.
Impact on Shareholders and Capital Raising
Following the termination, Beauvais Capital and its associates have withdrawn their commitment to subscribe for their full entitlement under the offer and will exercise their withdrawal rights. Importantly, these withdrawal rights are extended to all shareholders, providing them with an opportunity to reconsider their participation in the offer. Identitii plans to issue a supplementary offer document shortly, which will outline the termination details, withdrawal procedures, and alternative options for shareholders.
Company’s Strategic Focus Amid Challenges
Despite the setback, Identitii’s management expressed disappointment but reaffirmed their commitment to comply with the Takeovers Panel’s orders and act in shareholders’ best interests. The company remains focused on advancing its strategic and operational objectives while actively exploring alternative funding avenues to support long-term value creation. This pragmatic approach signals a determination to navigate regulatory hurdles without losing momentum on its growth trajectory.
Looking Ahead
The unfolding situation places Identitii at a crossroads, balancing regulatory compliance with the need to secure capital. The forthcoming supplementary offer document and shareholder responses will be critical in shaping the company’s next moves. Investors will be watching closely to see how Identitii manages this complex phase and whether it can successfully realign its capital raising strategy under these new constraints.
Bottom Line?
Identitii’s capital raising faces a pivotal test as regulatory rulings reshape shareholder options and funding pathways.
Questions in the middle?
- How will shareholders respond to the withdrawal rights and supplementary offer?
- What alternative funding strategies will Identitii pursue following the underwriting termination?
- Could further regulatory scrutiny impact Identitii’s future capital raising efforts?