Company Name: Star Payment Systems
Announcement Date: 01/05/2017
Announcement Category: Team Update
Announcement Content:
Stargroup (ASX:STL) has raised $3.35 million through the placement of 119.6 million shares priced at $0.028 to sophisticated and professional investors.
Proceeds from the capital raising will be used to finalise the Indue ATM businesses acquisition which will increase group revenues by $4.1 million and EBITDA by $1.7 million.
Completion of the fund raising and acquisition is expected to occur by no later than 5 May 2017.
Todd Zani, CEO, commented: “The $6.5 million purchase price is now fully funded and represents an acquisition multiple of 3.83x forward earnings.
“We are pleased to announce the completion of this capital raise and finalisation of the funding to complete the Indue acquisition.”
Announcement URL: http://www.proactiveinvestors.com.au/companies/news/177081/stargroup-secures-funds-to-complete-indue-acquisition-177081.html
About Star Payment Systems:
Financial technology company Stargroup Limited is the only ASX listed company deploying ATM machines in Australia and importantly, the only listed ATM company having a direct ownership interest in the manufacturer of its ATM technologies, namely NeoICP, a South Korean private company.
Stargroup Limited became the exclusive distributor of the cashPod ATM range including the recycler ATM, back office and payment technologies in Australia for the next 5 years on 7 August 2015.
Stargroup Limited, via its wholly owned subsidiaries, StarPOS and StarApps, is also an EFTPOS and payWave technologies provider and developer of the source code in its terminals via its 5 year distribution agreement with West International AB, a Swedish NASDAQ listed company, to distribute next generation EFTPOS payment terminals and solutions in Australian and New Zealand.
Go to Company Profile for: Star Payment Systems
Announcement Contact: [email protected]
