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GBST Holdings Limited, Australia's largest provider of trading, clearing and settlement solutions, has announced its initial public offer has closed over subscribed.
The company, which plans to list on the Australian Stock Exchange (ASX) on [28] June, raised $10 million by offering 10 million shares at $1.00 each. Of the funds raised $4 million will be used to facilitate GBST’s continued growth.
ABN AMRO Morgans Corporate Limited managed the offer, which gives GBST a market capitalisation at the offer price of $44 million.
GBST’s Managing Director and Chief Executive Officer, Stephen Lake, said the company is strongly positioned for further growth.
“With greater expansion anticipated for Australia's financial services sector, including forecast growth in equities, derivatives and securities, GBST represents an attractive investment opportunity to shareholders,” he said.
Anthony Kirk, from ABN AMRO Morgans Corporate Limited, said the market had responded well to GBST’s offer.
“Investors were particularly receptive to this offer because they appreciated how the company will benefit from growth in Australia’s financial services sector,” he said.
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.
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 |
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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