From the AFR today:

Bell Potter rustles up buyers for Credit Clear placement

Anthony Macdonald, Sarah Thompson and Kanika Sood

Jun 1, 2022 – 11.18am

Save

Share

Bell Potter’s equities desk is out raising for its own, receivables management group Credit Clear.

Street Talk. Louise Kennerley

Credit Clear, chaired by well-known Bell Potter broker Hugh Robertson (senior), had Bells in the market on Wednesday morning, seeking buyers for new shares at a 6.5 per cent discount to the last close.

Bells were offering 17.4 million new shares at 43¢ each, in a placement to raise $7.5 million.

Funds raised would be used for Credit Clear’s growth strategy: developing technology to onboard clients, increase the level of automation in its offering and create efficiencies in customisation requirements for new clients, according to terms sent to potential investors.

The raising represented about 5 per cent of Credit Clear’s shares on issue.

Advertisement

Of the existing shares, Robertson owned about a 1.7 per cent stake, the term sheet said.

Credit Clear listed in 2020 via Bell Potter and is backed by Thorney Group, which has a 10 per cent stake. The company would have a $158 million market capitalisation post raising.

Wednesday’s placement comes only six months after Credit Clear raised $29.5 million at 40¢ a share in a placement to acquire ARMA Group.