Shareholders yesterday approved a reverse acquisition deal that allowed it to be used as a back-door listing vehicle for Perth based outsourcer ASG.
All resolutions were passed at yesterday's meeting with little opposition, leading to the release of a capital reorganisation statement today.
Over the years eSec lost over AU$18 million of shareholders money, to finish with a negative net equity of AU$680,000.
This follows the management buy out and de-listing of one time security giant Citadel Securix. It had a market capitalisation of AU$40 million at its peak, but was sold to eGlobal, a publicly listed technology company, for AU$2.73 million in January this year.
