The shareholding in the PEXA initial public offering by superannuation administrator Link Group has been finalised to be 42.8%, as the listing date remains 1 July, 2021.
The listing would go ahead as long as the IPO continued to satisfy Australian Securities Exchange (ASX) listing requirements.
At the conclusion of the IPO, Link Group would hold 42.8% of the equity in PEXA and receive approximately $180 million of net cash proceeds.
The cash proceeds would be applied against debt in the first instance with the aim of delivering a stronger and more flexible balance sheet for Link Group.
Vivek Bhatia, Link Group chief executive and managing director, said: “Link Group has retained a significant holding in EA while strengthening its own balance sheet with gearing expected to be at the bottom of our target leverage range of two to three times net debt/EBITDA.
“Link Group will review its various options and advise the market releasing our FY results on 26 August, 2021.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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