ANZ's investment arm to buy remaining Cashrewards shares

1835i Ventures Trusco III Pty. Ltd. will exercise its right to acquire the remaining shares it did not already own in Australian cashback ecosystem provider Cashrewards Ltd.

The trustee of 1835i Ventures Trust III will acquire the shares at about A$1.14 per share, the same price it offered in its off-market takeover bid for Cashrewards, according to a Jan. 10 letter to shareholders. 1835i Ventures will pay the consideration for the shares on completion of the compulsory acquisition.

1835i Ventures has already acquired more than 90% of Cashrewards' shares, following the unconditional offer. With the company gaining control of Cashrewards, nonexecutive directors Andrew Clarke and Rajeev Gupta have resigned as the latter's directors, according to an earlier announcement. There will be further changes to Cashrewards' board.

1835i Ventures, the innovation and venture capital arm of financial services company Australia and New Zealand Banking Group Ltd., is acquiring control of Cashrewards from an investor group led by the latter's founder Clarke.