Smartpay again expresses optimism about Australia

Monday 6th December 2010

Merchant services provider Smartpay will seek a listing on the Australian Stock Exchange by mid-2011 and will also consider joint ventures and strategic alliances as part of an Australian growth strategy.

The company said on October 29, when releasing its interim result, that it was investigating a possible ASX listing. Today it said it would seek a listing in Australia by mid-2011.

The company has raised money via private placements since buying assets of rival Cadmus from receivers last year.

The ASX listing was expected to assist Smartpay in its growth prospects by enabling strategic acquisitions and greater access to working capital funding, managing director Ian Bailey said.

Joint ventures and strategic alliances would also be considered provided they met growth objectives and increased shareholder value.

The Australian market was opening up for direct sales by companies such as Smartpay as a result of banking changes and the need to replace many of the 600,000 Eftpos terminals currently in use.

NZPA

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