Smartpay looks to issue preference shares
Eftpos company Smartpay is considering issuing preference shares, managing director Ian Bailey confirms.
Wednesday, October 20th 2010, 8:33PM
by Jenny Ruth
Smartpay has between $4 million and $6 million in corporate debt - Bailey said he's "a bit vague because we're in the process of paying it down," but he would dearly love to reduce that.
Broker FE Securities has posted out a "pre-marketing letter" to potential investors to gauge what level of interest there might be is a preference share issue, Bailey says.
"We're still working through it. We haven't actually made any decisions yet," he says.
Bailey has previously worked with FE Securities - when he was managing director of Cadmus, in 2007 FE Securities underwrote $3.5 million of a notes issue which raised $5.6 million.
Cadmus later merged with Provenco and then went into receivership, burdened by too much debt. Last year SmartPay about quadrupled in size after acquiring some of the assets of ProvencoCadmus from its receiver.
With its shares trading at 3.5 cents, Smartpay's market capitalisation is $38.1 million.
| « Corporates chase South Canterbury money | PGG Wrightson taps banks for new funding » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
