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- Release Date: 06/08/13 18:06
- Summary: CAPREC: SPY: ASX Listing application and Share Consolidation
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SPY
06/08/2013 16:06
CAPREC
REL: 1606 HRS Smartpay Holdings Limited
CAPREC: SPY: ASX Listing application and Share Consolidation
MEDIA RELEASE FOR IMMEDIATE RELEASE
SMARTPAY SUBMITS ASX LISTING APPLICATION AND
UNDERTAKES SHARE CONSOLIDATION
AUCKLAND, 6 August 2013 - Smartpay (NZX: SPY), a leading provider of payments
and transactional solutions in New Zealand and Australia, today announced
that it has submitted its application for listing on the Australian
Securities Exchange ("the listing") and has resolved to undertake a share
consolidation to facilitate the listing.
Chairman Ivan Hammerschlag commented "We are delighted to announce that we
have submitted to the Australian Securities Exchange our application for the
admission of Smartpay Holdings Limited to the Official List of the Australian
Securities Exchange. This is the final part of the ASX listing process that
we began last year and we expect our shares to be trading on the ASX within
the next 2 - 6 weeks, subject to the timing and final approval of the ASX.
We will provide an update on the exact date of commencement of trading on the
ASX once we have confirmation from the ASX.
This represents another significant milestone for our company which we expect
will deliver benefits to shareholders through access to a broader investor
base and the deeper Australian equity markets. With Australia being a key
growth market for our payments products we also expect that being listed on
the Australian Securities Exchange will further promote our market position
with both retail merchants and bank partners as a leading and reputable
provider of innovative merchant payment solutions."
As one of the conditions to listing on the ASX is that Smartpay's share price
is at least A$0.20c at the point of listing, in order to ensure Smartpay
meets this condition it will undertake a share consolidation whereby its
shares will be consolidated at a ratio of 2 to 1 thereby reducing the number
of shares on issues to circa 171 million shares. Overall shareholder value
can be expected to be maintained as the share price should increase relative
to the consolidation.
It is important to note that while the Consolidation will reduce the number
of Shares held by shareholders by a factor of 2 it will not impact each
shareholder's relative percentage shareholding in Smartpay. In addition, it
is anticipated that the price at which Smartpay Shares trade on the NZX Main
Board immediately following the Consolidation should increase relative to the
Consolidation ratio.
The indicative timetable for the share consolidation is as follows:
6 August - Share consolidation announced to the market
15 August - Last day for trading in pre-consolidation shares on the NZX Main
Board
20 August - record date for the consolidation
21 August - Commencement of trading in post-consolidation shares on the NZX
Main Board
By 27 August - Despatch of holding statements to shareholders
ENDS
For further information contact:
Bradley Gerdis, Managing Director, SmartPay, +64 9 442 2700
End CA:00239340 For:SPY Type:CAPREC Time:2013-08-06 16:06:13
