Amaysim (ASX:AYS) share price higher as company moves to delist

The Amaysim (ASX:AYS) share price is edging higher after the company released its half-year results and prepares to de-list from the ASX.

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Amaysim Australia Ltd (ASX: AYS) shares are edging higher following the release of the company’s half-year results. At the time of writing, the Amaysim share price is trading 0.65% at 77.5 cents. 

The financial results for the half year ending 31 December (H1 FY21) are likely to be the last from the company, as it looks to delist from the ASX at the end of March.

What did the company report?

The Amaysim share price is pushing higher after this morning’s update in which the company summarised the sale of its energy business to AGL Energy Limited (ASX: AGL). The sale occurred on 30 September last year for an all cash consideration of $115 million.

A month later, on 2 November, Amaysim took a step towards winding up the company when it announced the intent to sell its mobile segment to Optus Mobile for $250 million. That announcement saw the Amaysim share price leap more than 10% on the day.

On 21 January, shareholders voted in favour of the mobile segment sale, which was completed on 1 February.

Regarding its half-year results, the company noted:

The half year results for the six month period to 31 December 2020 comprise of Energy, being a discontinued operation, and Mobile that is considered a discontinued operation held for sale during the period.

With that caveat in mind, net profit after tax (NPAT) from both the energy and mobile segments came in at $6.52 million in H1 FY21, up 65% compared to the previous corresponding period.

Amaysim reported a 7% decline in revenue from ordinary activities, while diluted earnings per share (EPS) were 2.06 cents, up from 1.27 cents in H1 FY20.

The company will not pay any dividends for the half year. Amaysim noted its main asset is now a material cash balance and it is currently subject to an unconditional off-market takeover offer from WAM Capital Limited (ASX: WAM).

If all goes to plan, Amaysim will pay its major distribution in April and expects to pay the final distribution around October

Amaysim expects to delist from the ASX on 31 March.

Amaysim share price snapshot

The last 12 months have been good for shareholders, with the Amaysim share price up by more than 140%. By comparison, the All Ordinaries Index (ASX: XAO) is flat over that same period.

Year to date, the Amaysim share price is up 1.97%.

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