- Release Date: 15/08/14 11:43
- Summary: LISTING: ERD: EROAD lists on the NZX Main Board
- Price Sensitive: No
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ERD 15/08/2014 11:43 LISTING REL: 1143 HRS EROAD Limited LISTING: ERD: EROAD lists on the NZX Main Board Media Release: EROAD lists on the NZX Main Board 15 August 2014 Shares in leading New Zealand transport and technology services company, EROAD, began trading on the NZX Main Board today following the successful IPO that raised $46 million through the sale of new and existing shares. EROAD shares had been issued at $3.00, valuing the company at a market capitalisation of $180 million. The IPO comprised $40 million of new capital and a secondary offer of $6.1 million. The majority of the capital raised will be used to fund and accelerate the company's North American growth strategy. EROAD CEO Steven Newman said that EROAD's vision is to become the international leader in the provision of road use charging and compliance services to the global heavy transport sector. "Becoming a listed company was well-signalled as an important strategic step for us, given our services include the collection of road user charges, and weight-mile taxes, and helping customers comply with regulatory standards," he said. "Having met our own milestones of establishing a solid business in New Zealand and obtaining regulatory approvals to begin commercial services in the USA, now was the right time to undertake a listing. "We're pleased with the support we've received from the market, and we look forward to continuing to develop EROAD's technology leadership and innovative suite of services to deliver for customers and shareholders as a publicly-owned business." Mr Newman said that the company was pleased with its progress in recent months, including the opportunity to work with new customers like Halls Group and Ritchies. He said the company's number of Units on Depot as at the end of July was in line with expectations. The Sole Lead Manager for the offer was First NZ Capital. Deutsche Craigs was the Co-Manager for the offer. Contact: Steven Newman Chief Executive Officer EROAD Limited DDI: 09 927 4713 Email: [email protected] About EROAD EROAD is a leading transport technology and services company. EROAD has created an electronic solution to manage and pay Road User Charges (RUC), support regulatory compliance and provide value-added commercial services to the heavy vehicle industry. In 2009, EROAD implemented the world's first network-wide GPS/cellular-based road user charging system, which modernised the existing paper-based RUC regime in New Zealand. EROAD has become the largest electronic RUC agent in New Zealand, achieving an annualised RUC collection rate of over $219 million. EROAD's successful New Zealand reference site provided it with the opportunity to enter the international market. In April 2014, EROAD commercially launched in Oregon, becoming the first approved electronic Weight-Mile Tax service provider in North America. EROAD has also entered the Australian market with a commercial services offering, appealing to commercial transport fleets that require a highly available and secure platform. On 4 August 2014, EROAD announced that it had signed an agreement with Hall Group to fit out its entire fleet with the EROAD system. Halls is New Zealand's only complete logistics supply chain for the food industry across all temperature zones - frozen, with a fleet of 300 tractors, 350 trailers and 90 railway wagons, over 26 sites nationwide. End CA:00253937 For:ERD Type:LISTING Time:2014-08-15 11:43:49
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