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- Release Date: 10/02/12 11:44
- Summary: GENERAL: XRO: Xero adds institutional and strategic investors
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XRO
10/02/2012 09:44
GENERAL
REL: 0944 HRS Xero Limited
GENERAL: XRO: Xero adds institutional and strategic investors
MARKET RELEASE
Xero adds institutional and strategic investors
10 February 2012
Online accounting software provider Xero (XRO) has facilitated on and
off-market trades totaling $5m after being approached by institutions and
strategic investors.
Last week Xero raised $20 million in a private placement and announced a
Share Purchase Plan (SPP) for New Zealand based investors.
Strategic investors involved in the trades include Australian based Brad
Shofer who joins his MYOB co-founder Craig Winkler as one of Xero's top 20
shareholders.
Brad Shofer, who had a small investment in Xero, says he jumped at the
opportunity to increase his
stake.
"Xero has been one of the companies I have watched closely over the past few
years. I have used the
software myself and been very impressed with it and with the company as a
whole and its overall
strategy and approach. Xero has executed well on its promises and is uniquely
placed with early
mover advantage in a space that has the potential to be very lucrative for
those who get it right."
Five institutions also participated in the trades and all are new to the Xero
share register. These are
US based Sophrosyne Capital LLC and Matrix Capital Management and three other
New Zealand
based institutions.
To enable these investors to participate without further dilution, founders
Rod Drury (CEO), Hamish Edwards and Alistair Grigg (COO) have agreed to sell
a small percentage of their shareholding. There is no intention for the
founders to sell down further in the foreseeable future.
The shares were transferred at $2.75 - the same price as the strategic
placement and the pending SPP.
For more information contact:
Graham Shaw
Director
[email protected]
+64 21 508 736
End CA:00219389 For:XRO Type:GENERAL Time:2012-02-10 09:44:47
