__PRESENT__PRESENT
__PRESENT__PRESENT__PRESENT
__PRESENT
__PRESENT
__PRESENT
Bids for the Cuscal Limited IPO are now closed
Cuscal is an authorised deposit taking institution with the licensing, connectivity, processing and product manufacturing capability to support payments and regulated data services in Australia. Cuscal’s clients include banks, financial technology companies and corporates, enabling its clients to provide payment services to their end customers. As a business to business provider, Cuscal operates in the infrastructure layer of the Australian payments market, connecting clients to local payments infrastructure so they can focus on where they can best create strategic advantage – at the user experience layer and improving how their end customers access their products and services. Cuscal does not compete with its clients for end customers and the provision of these products and services
The price per share under the Offer is $2.50 giving an implied market capitalisation of $479 million.
The Prospectus has been lodged with ASIC. Please ensure you read it carefully before you bid.
Details of the Offer and how to bid are enclosed below and shares are expected to trade on the Australian Securities Exchange (ASX) under the ASX code CCL.
Key Dates
Firm bids are due by 11am 18 November 2024 (AEDT) – Subject to early close without notice.
| Key Dates | Date |
|---|---|
| Prospectus lodgement date | 8 November 2024 |
| Offer period closes | 18 November 2024 |
| Expected commencement of trading of Shares on ASX on a normal settlement basis | 25 November 2024 |
| Settlement | 26 November 2024 |
| Issue and transfer of Shares (Completion) | 27 November 2024 |
| Expected commencement of trading of Shares on ASX on a normal settlement basis | 27 November 2024 |
| Expected dispatch of holding statements | 28 November 2024 |
The dates above are indicative only and may be subject to change without notice.
Key Offer Statistics
| Offer Price | $2.50 per share |
|---|---|
| Total proceeds under the Offer | $336.8 million |
| Total number of Shares available under the Offer | 134.7 million |
| Number of Shares to be held by Existing Shareholders after the Offer | 56.6 million |
| Total number of Shares on issue at Completion | 191.6 million |
| Market capitalisation at the Offer Price | $479.0 million |
| Pro forma historical net debt / (cash) at 30 June 2024 | $0.0 |
| Enterprise value / pro forma forecast FY25 Adjusted EBITDA | 7.7x |
| Offer Price / pro forma forecast FY25 NPATO per Share | 13.1x |
| Annualised pro forma 2HFY25 dividend yield at the Offer Price | 3.7% |
Important to note
By submitting your bid, you acknowledge the following:
a) you have read and understood the Prospectus dated Friday 8th November 2024 (and/or supplementary or replacement Prospectus);
b) you hereby submit a bid for a firm allocation of shares in the Offer and acknowledge that once the firm offer is closed I/we may not withdraw my/our bid.
c) you apply for the value of units that I/we bid for (or a lower value as determined by Bell Direct at its sole discretion);
d) that the information contained in the Prospectus (and/or any supplementary or replacement prospectus) is not financial product advice or an express or implied recommendation that the financial product is suitable for me/us, given my/our investment objectives, financial situation or particular needs;
e) That, in the event that the offer is oversubscribed, Bell Direct or the issuer may determine the allocation policy in its absolute discretion and I/we agree not to make any claim against Bell Direct or the Issuer in relation to the allocation policy.
f) I/we make the acknowledgements, declarations, representations and warranties set out in Section 7.12 of the Prospectus and this Initial Public Offer Application and declare that all declarations, details and statements made by me/us are complete and accurate;
Please contact our broking representatives by email or on 1300 040 802 if you have any questions on the Offer or on how to apply.
