Completion of Capital Raising and Acquisition SYDNEY 28 December 2005: e-pay Asia Limited (ASX:EPY, AIM:EPY), formerly known as SkyNetGlobal Limited, today announced it has successfully completed its capital raising and the acquisition of Orion Gateway Limited and its holding in the various e-pay subsidiaries. The capital raising raised a total of $4,008,151 through the issue of 20,040,755 new ordinary shares at 20 cents each. The Company is currently completing the process to re-list on the ASX and AIM, which is expected to occur simultaneously on 4 January 2006 under the new stock code EPY. In accordance with the terms of the Acquisition announced previously, the Company has issued 140,000,000 new ordinary shares to Tobikiri Capital Limited and its nominees as payment for the initial consideration of $28 million. 100 million of them are subject to voluntary escrow requirements and may not be generally traded on ASX before the date of publication of the audited annual accounts of the Company for the period ending 31 December 2006.
Mr Simon Loh, the Managing Director of e-pay has been appointed to the Company's board as Managing Director of the enlarged group. Jonathan Soon, the former CEO of the Company, remains on the board and has been appointed Executive Director, Corporate Affairs, a new position within the Company responsible for corporate matters such as acquisitions, mergers, capital raising and investor communications.
As of today, the Company has a total of 190,405,896 ordinary shares on issue and will have a market capitalisation of $38,081,189 based on the capital raising price of 20 cents per share. The Company has changed its financial year period from ending June to ending December and will report its next financial accounts in March 2006 for the 6 months period ending 31 December 2005.
The Company forecasts net earnings of $5,000,000, and a dividend of 1 cent per share for the calendar year 2006 being the first 12 months of consolidated trading post the acquisition of e-pay. The Company is priced at approximately 7.4 times these forecast earnings with a 5% dividend yield based on the capital raising issue price.
The Directors are pleased to have completed the capital raising and acquisition in line with its timetable and plans to transform the Company into a leading provider of electronic payments and mobile top up services in Asia.
End Contact Information: Jonathan Soon Executive Director, Corporate Affairs Email: [email protected] Tel: +61 416 168 816
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