The company, which is headquartered in Sydney with production facilities in Asia, looks set to remove itself from the ASX in September.

The directors pointed to a number of reasons for the move, including disinterest among pubic company investors, “adequacy of current funding” and the negatives of public disclosure.

According to its explanatory statement to the ASX: “The company’s business is highly competitive and commercially sensitive and gives rise to difficulties for TMA as a publicly listed company, with continuous disclosure obligations.”

TMA received approval from the ASX to begin the delisting process earlier this month. The vote is scheduled for 20 September and requires 50% or more votes to pass.

Group director Anthony Karam holds an 80.88% stake in the company and told ProPrint he will be voting in favour.

His simple explanation for the move was that the ASX listing “adds no value to the company”.

Only one of TMA Group’s directors, James Schwarz, opposed the move, saying that minority shareholders could lose out through the delisting.

Karam said the delisting had nothing to do with TMA’s multimillion-dollar legal battle with the lottery arm of the Philippines government.

In regards to that tussle, he said: “everything appears to be moving in the right direction and the injunctions are still in place.”

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