February 22, 2017 / 11:46 PM / 5 months ago

BRIEF-Touchcorp says intends to pursue a merger with Afterpay

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Feb 23 (Reuters) - Touchcorp Ltd

* Afterpay and Touchcorp intend to pursue a merger

* Afterpay Holdings Limited and Touchcorp Limited signed a heads of agreement (HOA) relating to an in principle agreement for a proposed merger

* Newco will be owned about 64 PCT by Afterpay shareholders (excluding Touchcorp) and about 36 PCT by Touchcorp shareholders

* Newco will issue new shares to Afterpay shareholders on a 1:1 basis and to Touchcorp shareholders on a 0.64:1 basis

* Anthony Eisen will be Newco's executive chairman and Nick Molnar will be managing director and chief executive officer

* Nadine Lennie will be chief financial officer and Jason Van will be chief technology officer of Newco Source text for Eikon: Further company coverage:

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