Nexbis hits snag in TrustDefender spinoff

Technology services company, Nexbis (ASX:NBS), said it had hit a snag in its plan to spin off its TrustDefender unit through an IPO.

The company said its broker mandate for the possible IPO of TrustDefender, also known as Symbiotic Technologies, has been terminated.

Nexbis paid $16 million for a 50.08 per cent share in TrustDefender, which provides end-to-end security products, in a deal announced in March last year.

Nexbis said it will work with TrustDefender to explore alternative arrangements, including pursuing an IPO without an exclusive broker. Another option would be “securing further investment from other parties.”

Whichever route they take, the companies hope to have a transaction complete by 31 May.

Nexbis said it has no intention of making further investments in TrustDefender.

The company also said it expects to formally execute a long-awaited Malaysian national security system agreement within 60 days.

NBS shares grew five per cent during Friday's trading to $0.105.

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