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SmartPay names Gerdis as CEO, Raises $1m

Wednesday 21st December 2011

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SmartPay, which provides Eftpos terminals to retailers, said it appointed Bradley Gerdis as chief executive, raised $1 million and expects the end-year result to be similar to a year ago.

Gerdis, who helped found Customers Limited, will be based in Sydney. He will be responsible for managing and implementing overall strategic policy.

“With significant opportunities in Australia and a pending ASX listing, now is the right time to appoint an Australian based CEO," SmartPay Chairman Wayne Johnson said in a statement.

“Bradley knows the market really well and has experience of rapidly growing companies. He is well connected and will bring value to SmartPay as we search for more cost effective funding."

SmartPay will also appoint a chief operating officer, who will be based in New Zealand and focus on the delivery of the operational business. Managing Director Ian Bailey will then become a non-executive director, according to Johnson.

Haymaker Investments Pty Ltd, the trustee of a trust of which Gerdis is a beneficiary, has subscribed for $1 million worth of shares in SmartPay at a price of 10 cents each. It also has been issued 10 million options at an exercise price of 15 cents each.

SmartPay said it has commitments for $1.8 million of new capital at 10 cents per share from various high net worth investors and that the Trustees of the Pakihi Pension Scheme have agreed to subscribe to $1 million worth of convertible notes.

"Combined with the level of business we expect to sign and deliver in the Australian market in the short term, we expect the end year result to be similar to this year’s,” Johnson said.

Shareholders will have a chance to vote on the changes at a special meeting to be held in or around February.

The new capital will be used to repay debt and ongoing costs, the company said.

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