SmartPay gets approval for ASX listing, capital raising

Friday 29th June 2012

Shareholders of SmartPay, the eftpos terminal company, voted in favour of a capital raising programme that will see it list on the Australian Stock Exchange. Shareholders were offered 11.5 cents apiece under a capital raising plan which will see the company list on the ASX by the end of the year. It will remain listed in the NZX.

"We are already seeing the early signs of the benefits of the restructure reflecting in the business," Bradley Gerdis, chief executive said in a statement. “In Australia our growth pipeline continues to build but progress to date has been restrained by the previous lack of capital and resource."

"With our funding now in place we can now start to resource to execute on these opportunities,” he said. SmartPay announced in May it was appointing a new chairman, Australian businessman Ivan Hammerschlag as chairman.

Gerdis also joined the board as managing director. In February SmartPay ditch its securitisation funding model in favour of “conventional bank funding” in a bid to cut costs after it full-year earnings before interest, tax, depreciation and amortisation will miss the $7.2 million guidance issued in December. Shares in SmartPay are currently trading at 12.5 cents.

BusinessDesk.co.nz

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