Payments group QuickFee seeks quick equity

Sarah Thompson, Anthony Macdonald and Tim Boyd

May 5, 2020 – 9.53am

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Newly listed cash flow finance business QuickFee is back in front of investors seeking an equity top-up.

Quickfee CEO Bruce Coombs and his team were booked to front potential investors in a call on Tuesday morning. Supplied.

The company's shares went into a trading halt on Tuesday morning while its stockbroker Bell Potter Securities went about finding buyers.

QuickFee was offering about 35 million new shares at 21¢ each to raise $7.5 million, according to terms sent to potential investors.

The deal was structured as a two tranche placement and priced at an 8.7 per cent discount tot he last close and a 9.8 per cent discount to the 20 day VWAP, the term sheet said.

Funds raised were to grow QuickFee's lending book ($6 million), technology development ($1.1 million) and to pay the offer costs.

Bell Potter was calling for bids by midday on Tuesday.

QuickFee shares were to resume trading on Thursday, the term sheet said.

The raising comes less than 12 months after QuickFee's initial public offering, which saw it raise $13.5 million at 20¢ a share to list with a $32.3 million market capitalisation.

The company offers cash flow finance to accounting and professional service firms and has financed more than $250 million in loans in the past decade.