Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

IRESS LIMITED Capital/Financing Update 2013

Aug 8, 2013

65141_rns_2013-08-08_d4ec109d-e401-4be6-915e-708aae48b99a.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [595 x 84] intentionally omitted <==

9 August 2013

IRESS LIMITED COMPLETES INSTITUTIONAL COMPONENT OF ITS PRO RATA ACCELERATED RENOUNCEABLE ENTITLEMENT OFFER

IRESS Limited (ACN 060 313 359) (“IRESS”) is pleased to announce the successful completion of the institutional component of its 2 for 9 pro rata accelerated renounceable entitlement offer (“ Offer ”) of new IRESS shares (“ New Shares ”) at an issue price of $7.15 per share. The Offer was announced on 6 August 2013.

  • The Institutional Entitlement Offer raised gross proceeds of approximately $152m

  • 97% take up by eligible institutional shareholders

  • Remainder of Institutional Entitlement Offer cleared in the institutional bookbuild at $8.35 per New Share, a $1.20 premium to the offer price of $7.15

  • Retail Entitlement Offer opens on 12 August 2013 at the same offer price of $7.15

The Institutional Entitlement Offer attracted strong demand from IRESS’ institutional shareholders with approximately 97% of New Shares available to eligible institutional shareholders taken up. This includes ASX Limited, a shareholder with approximately 19% that pre-committed to take up its entitlement in full.

Approximately 1.2m New Shares were available for sale under the institutional bookbuild as a result of renunciations and New Shares relating to ineligible institutional shareholders. The institutional bookbuild was well supported by both new and existing institutional investors, achieving a clearing price of $8.35. This clearing price was above the offer price of $7.15. Therefore, institutional shareholders who elected not to take up their New Shares and ineligible institutional shareholders will receive $1.20 in proceeds for each New Share not taken up.

The New Shares to be issued as part of the Institutional Entitlement Offer will be issued on 20 August 2013 with trading expected to commence on 20 August 2013. On issue, the New Shares will rank equally with existing IRESS shares. The New Shares will not be eligible to participate in the interim dividend for the half year period ending 30 June 2013 because the New Shares will be issued after the record date for the interim dividend.

Commencement of Retail Entitlement Offer

The retail component of the Offer (“ Retail Entitlement Offer ”) will open on 12 August 2013. Eligible retail shareholders who apply under the Retail Entitlement Offer before 5:00pm (Melbourne Time) on 29 August 2013 (“Retail Closing Date”) are expected to be issued New Shares on 10 September 2013. Eligible retail

==> picture [595 x 113] intentionally omitted <==

shareholders will have the opportunity to participate at the same offer price and offer ratio as the Institutional Entitlement Offer.

New Shares equal in number to those attributable to entitlements which would otherwise have been available to ineligible shareholders and New Shares equal in number to those attributable to any entitlements not taken up by eligible retail shareholders will be offered for sale via a bookbuild process at the conclusion of the Retail Entitlement Offer. Any proceeds of sale in excess of the Offer Price (net of any withholding tax) will be paid to renouncing and ineligible shareholders. There is no guarantee that there will be any proceeds remitted to those renouncing and ineligible shareholders.

Entitlements are not able to be traded on ASX or privately transferred.

Recommencement of trading

IRESS shares are expected to resume trading on the ASX today.

Summary of key dates

A summary timetable in relation to the Retail Entitlement Offer is set out below.

Event Date
Announcement of the Entitlement Offer 6 August 2013
Record Date for determiningEntitlements to New Shares 7.00pm on 9 August 2013
Retail Entitlement Offer opens 12 August 2013
Retail Entitlement Offer closes 5pm on 29 August 2013
Retail bookbuild(after market) 3 September 2013
Settlement of all remaining New Shares under the RetailEntitlement Offer 9 September 2013
Issue of all New Shares issued under theRetail Entitlement Offer 10 September 2013
Despatch of holdingstatements 10 September 2013
Expected date of normal trading of New Shares issued underthe Allotment(subject to ASXquotation being granted) 11 September 2013

These dates are indicative only and are subject to change without notice. All times and dates refer to times and dates in Melbourne, Australia (“ Melbourne Time ").

==> picture [596 x 85] intentionally omitted <==

Further information

Retail shareholders who have any questions regarding the Retail Entitlement Offer should contact the IRESS Entitlement Offer Information Line on 1300 859 277 (within Australia) or on +61 1300 859 277 (from outside Australia) at any time from 8:30am to 5:30pm (Melbourne Time), Monday to Friday, during the Retail Entitlement Offer period.

Yours sincerely,

==> picture [131 x 51] intentionally omitted <==

Peter Ferguson Group General Counsel & Company Secretary

==> picture [596 x 85] intentionally omitted <==

IMPORTANT INFORMATION

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any U.S. Person. Shares may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. Person absent registration or an exemption from registration. The New Shares to be offered and sold in the Entitlement Offer have not been and will not be registered under the U.S. Securities Act of 1993, as amended (“ Securities Act ”), or under the securities laws of any state or other jurisdiction of the United States, and accordingly the New Shares may only be offered and sold in transactions that are not subject to the registration requirements of the Securities Act in reliance on Regulation S thereunder.

==> picture [596 x 85] intentionally omitted <==