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Financial technology company GBST Holdings Limited, Australia's largest provider of trading, clearing and settlement solutions, today announced plans to raise additional capital to facilitate continued growth of the business.
GBST has lodged a prospectus for an initial public offering with the Australian Securities and Investment Commission (ASIC). The company, which plans to list on the Australian Stock Exchange (ASX) on 27 June, will raise $4 million by offering 4 million shares at $1.00 each. The Company’s existing shareholders are in addition selling $6 million worth of shares at the same price.
ABN AMRO Morgans Corporate Limited is fully underwriting the offer, which will give GBST a market capitalisation of $44 million at its completion.
John Puttick, GBST’s founding chairman, said the offer gives investors an opportunity to share in the growth of Australia’s financial services sector.
“GBST’s proven systems and products sit at the heart of Australia’s financial services industry and are intrinsically linked with stock exchange systems and operations,” he said.
“This offer provides investors with exposure to this highly specialised market, with a track record of growth due to factors such as international markets integration and increases in equity holdings”.
Since being founded in 1983, GBST has established itself as a major technology partner for Australian and international capital market participants, as well as the broader financial services industry.
Almost half of Australia’s stockbrokers now use GBST’s specialist market access and transaction processing solutions, with the company processing around $40 billion of ASX trades per month.
GBST’s management team has delivered strong organic growth over the last 11 years.
With greater expansion anticipated for Australia's financial services sector, including forecast growth in equities, derivatives and securities, GBST is strongly positioned for further growth.
GBST’s CEO and managing director, Stephen Lake, said:
“GBST represents an attractive investment proposition to future shareholders, with the company providing strong and consistent financial performance, solid cashflows and an ungeared balance sheet.
“The capital raising will enable the company to continue its organic growth, as well as pursue additional growth strategies such as introduction of our existing products into new markets and acquisition opportunities in Australia and overseas.”
Subject to ASIC requirements, the offer will open on 11 May 2005 and close on 10 June 2005. Trading is expected to start on the ASX on 27 June 2005.
Applications for shares can only be made by completing and lodging a paper copy of an application form accompanying the prospectus dated 3 May 2005.
Electronic copies of the prospectus can be downloaded from GBST’s website (www.gbst.com) whilst printed copies can be obtained by contacting GBST (telephone: 07 3331 5701) or ASX Perpetual Registrars Limited (telephone: 07 3228 4219).
Further Information
For further information, please contact:
GBST
John Puttick
Chairman
Telephone: +61 7 3331 5555
Email: john.puttick@gbst.com
Stephen Lake
CEO and Managing Director
Telephone: +61 7 3331 5555
Email: stephen.lake@gbst.com
Phillips Group
Stephanie Paul
Telephone: +61 7 3230 5000
Mobile: 0418 753 062
Email: spaul@phillipsgroup.com.au
Jamin Smith
Telephone: +61 7 3230 5000
Mobile: 0432 121 494
Email: jsmith@phillipsgroup.com.au
NOTES TO EDITORS
Key offer highlights
| Offer price |
$1.00 per Share |
| Shares offered under this prospectus |
10,000,000 |
| Total number of shares on issue following the Offer |
44,000,000 |
| Amount to be raised under the offer |
$10,000,000 |
| Market capitalisation at the Offer price |
$44,000,000 |
Summary financial information
| |
Actual June 2004 (12 mths)
$’000 |
Unaudited Forecast June 2005 (12 mths)
$’000 |
| Total Revenue |
21,295 |
21,924 |
| Total Operating Expenses |
17,289 |
17,076 |
| EBITDA |
4,006 |
4,848 |
| EBIT |
3,217 |
4,261 |
| Profit before tax |
3,441 |
4,516 |
Timetable
| Prospectus Date |
3 May 2005 |
| Offer Opens |
9am on 11 May 2005 |
| Offer Closes |
5pm on 10 June 2005 |
| Shareholding statements expected to be dispatched |
21 June 2005 |
| Anticipated commencement of ASX trading |
27 June 2005 |
About GBST
Established in 1983, GBST (Global Banking and Securities Transactions) is the largest provider of securities transaction processing in Australia and a leading provider of transaction solutions for the global financial services industry. GBST Shares™, the trading, clearing, and settlement system preferred by the majority of Australian stockbrokers, processes up to half of all daily trades on the Australian Stock Exchange and also facilitates cross-border trading in New Zealand and Hong Kong.
GBST’s core competence is real time integrated transaction processing which reduces costs and the need for and risks to capital for a wide variety of market participants, including: global investment banks, custodians, clearers, stockbrokers, exchanges, margin lenders, and cash management providers. With offices in Brisbane, Sydney, Adelaide, Melbourne, and Hong Kong, GBST has over 130 staff committed to providing advanced transaction solutions.
www.gbst.com
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