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
