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Pushpay Holdings Limited (NZX: PPH) Bookbuild Launched to Facilitate Sell Down

Tuesday 15th December 2020

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Pushpay Holdings Limited announces a fully underwritten bookbuild to facilitate a sell down of ordinary shares held by interests associated with co-founder, Chris Heaslip (former Chief Executive Officer and former Director) and interests associated with Executive Director and Visionary, Chris Fowler.

Fully underwritten partial sell down

The sell down will involve a bookbuild to facilitate the sale of 54.68 million fully paid ordinary shares in Pushpay (‘Shares’) (4.96% of the issued capital), comprising 41.67 million Shares held by interests associated with Chris Heaslip and 13.01 million Shares held by interests associated with Chris Fowler. Following the transaction, the Heaslip interests’ stake in Pushpay will reduce from 4.0% to 0.20% (and will be held by Mission 316 Foundation) and the Fowler interests’ stake in Pushpay will reduce from 2.4% to 1.2%.

The sell down is fully underwritten. The sell down will provide further free float and liquidity and is underwritten at a floor price of NZ$1.75 per share, which represents a 9.3% discount to the 5-day VWAP of NZ$1.93 per share ending on 14 December 2020 and a discount of 7.4% to the last closing price of NZ$1.89 on 14 December 2020.

Pushpay has been granted a trading halt by the NZX and ASX in order for the bookbuild to be conducted today, 15 December 2020. Pushpay expects to be in a position to make an announcement as to the outcome of the bookbuild prior to the markets opening on Wednesday, 16 December 2020, at which point the trading halt will be lifted and trading in Pushpay’s ordinary shares is expected to resume.

Of the remaining 13.01 million Shares held by interests associated with Chris Fowler, 6.51 million shares (‘Restricted Shares’) (being 50% of the remaining Shares held by those interests and 0.59% of the issued capital) remain subject to the Lock Up Deed with Pushpay executed and disclosed to NZX and ASX on 13 December 2019. Under the terms of that Deed, interests associated with Chris Fowler cannot, before close of business on 13 June 2021, directly or indirectly, sell, transfer or otherwise dispose of (including entering into any agreement to dispose of) any legal or beneficial interest in or control of any voting rights in respect of the Restricted Shares.

See the links below for more details:

Bookbuild launched to facilitate sell down

Pushpay Investor Presentation - December 2020

Source: Pushpay Holdings Limited



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