31 July 2019: Cashwerkz (ASX: CWZ) today announced its latest partnership with Australia’s first SME challenger bank, Judo Bank. Judo…
Written by Rachel Polglase Published: July 31 2019 Press Release
The Directors of Trustees Australia Limited (TAU) – the parent company of Cashwerkz – are pleased to advise that the Placement to Sophisticated Investors, which was approved by Shareholders at the General Meeting held on 29 June 2018, has been completed with firm bids being received for $10,000,000 in new equity capital being raised by the issue of 50,000,000 new Ordinary Fully Paid Shares at an Issue Price of 20 cents per share.
The Placement has been managed by Blue Ocean Equities as Lead Manager and Bookrunner with many new Institutional and Sophisticated Investors joining the TAU register for the first time.
The funds raised, after costs, will be used to further develop the Cashwerkz Platform, which has been gaining significant acceptance with institutional investors in term deposits with Australian Banks (ADIs) and Adviser and Dealer Groups. The momentum of this acceptance is expected to gather pace as more investors recognise the advantages and the security of the Platform as a convenient tool for choosing the best ADI, interest rate and term of investment to suit their own particular needs and to quickly transact to move funds from one participating ADI to another.
Investors recognise that Cashwerkz does not touch, handle or direct investors’ money at any time and view this feature that sets Cashwerkz above other term deposit facilitators which require investor funds to pass through the facilitators clearing account. The Cashwerkz Platform simply facilitates the opening of new term deposit accounts with ADIs by seamlessly satisfying the usually cumbersome process of providing required regulatory identification.
The new shares rank equally with existing ordinary shares on issue and are expected to be allotted on Thursday, 27 September 2018 and quoted on ASX on Friday, 28 September 2018.
The Board also confirms that the 5,000,000 Cumulative Redeemable Preference Shares (CRPS) on issue to entities associated with directors Michael Hackett and Brook Adcock, which have funded the continued development of the platform since early 2017, will be converted, subject to shareholder approval at the 2018 AGM, to ordinary fully paid shares at the same issue price (20 cents per share) as the Placement.