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HUMM GROUP LIMITED — Capital/Financing Update 2013
May 6, 2013
65078_rns_2013-05-06_dfe62400-92d0-4095-b217-83d3171c59fa.pdf
Capital/Financing Update
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Sydney – 7 May 2013
SUCCESSFUL COMPLETION OF FLEXIGROUP'S A$45 MILLION PLACEMENT
FlexiGroup Limited (“FlexiGroup”) (ASX: FXL) is pleased to announce the successful completion of the fully underwritten ordinary share placement to raise A$45 million as announced on 6 May 2013 (“Placement”).
The issue price under the Placement was set at A$3.99 per share (“Placement Price”). The Placement Price represents a discount of 2.9% to FlexiGroup’s last closing on 3 May 2013 of $4.11 per share.
Tarek Robbiati, CEO and Managing Director of FlexiGroup said: "We are delighted with the continued support from our shareholders. The overwhelming demand for this placement represents a strong endorsement of FlexiGroup's carefully executed strategy for both diversification and growth."
UBS AG, Australia Branch and CBA Equities Limited acted as Joint Lead Managers and Underwriters to the Placement.
Settlement of the Placement is expected to occur on 10 May 2013, with the new shares expected to be allotted and commence trading on 13 May 2013. The new shares will rank equally with existing ordinary shares.
As previously announced, FlexiGroup will also conduct a share purchase plan (“SPP”). Under the SPP eligible FlexiGroup shareholders will be invited to invest up to a maximum of A$10,000 per shareholder. The SPP will be capped at A$5 million, and FlexiGroup reserves the right to scale-back the maximum participation amount per shareholder.
The issue price under the share purchase plan will be the lower of i) the placement price of A$3.99 and ii) a 3.0% discount to the average of the five day Volume Weighted Average Price of FlexiGroup ordinary shares traded on the ASX up to and including the closing date of the SPP offer period.
Further details on the SPP will be released on the ASX and distributed to eligible FlexiGroup shareholders shortly.
FlexiGroup expects the ASX to lift the trading halt and for FlexiGroup shares to recommence trading on the ASX from market open today.
-ENDS-
Investors / Analysts
Media
David Stevens Peter Brookes, Citadel T: 02 8905 2045 T: 0407 911 389
Garry McLennan T: 02 8905 2163
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ABOUT FLEXIGROUP
FlexiGroup is a diversified financial services group providing “no interest ever”, leasing, vendor finance programs, interest free and visa cards, mobile broadband, lay-by and other payment solutions to consumers and businesses.
Through its network of 11,000 merchant, vendor and retail partners the Group has extensive access to four key markets, Business to Consumer, Business to Business, Retail to Consumers (and small business-to-business customers) and online.
Performance has been characterised by solid profitable growth as the company has expanded and diversified its business through organic growth, acquisition and product innovation. This diversification strategy has been extended to the large, high growth online market with the 2012 acquisition of Paymate (an online payment processing business) and to the $45bn credit card market with the acquisition of Lombard.
FlexiGroup operates in Australia, New Zealand and Ireland within a diverse range of industries including: home improvement, solar energy, fitness, IT, electrical appliance, navigation systems, trade equipment and point of sale systems. Services are offered through four business units: Certegy (no interest ever & lay-by), Flexirent (lease), Flexi Commercial (vendor leasing programs) and Lombard (Interest free credit card).
Tarek Robbiati joined FlexiGroup as Managing Director and CEO in January 2013 replacing John DeLano, who joined FlexiGroup as Managing Director in 2003. Tarek was Group Managing Director of Telstra International Group (TIG), the fastest growing business unit of Telstra Corporation, and Executive Chairman of CSL-NWM, the number one mobile operator in Hong Kong. He was also previously deputy CFO of Telstra Corporation.
The Board of FlexiGroup is chaired by Margaret Jackson, former Chairman of Qantas and previously a director of: Australian and New Zealand Banking Corporation, The Broken Hill Proprietary Company Limited and Billabong International Limited. The Board also includes John Skippen, former Finance Director of Harvey Norman Holdings Limited, Rajeev Dhawan, a partner of Equity Partners, Andrew Abercrombie, a founding director and major shareholder in the company, and Anne Ward, presently also Chairman of the Qantas Superannuation Plan.
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