SmartPay to seek ASX listing; chairman Seton steps down
Dec. 6 (BusinessDesk) – SmartPay Ltd., the EFTPOS services company that bought the distressed Provenco-Cadmus assets, will seek an ASX listing as part of its Australian growth strategy and chairman John Seton will step down.
It already has an Australian presence which it plans to further expand over the next 12 months, it said in a statement. Managing director Ian Bailey said there is an opportunity in Australia's need to replace many of the 600,000 Eftpos terminals currently in use.
“We already provide equipment and services to an estimated 15% of the taxi industry,” Bailey said. An ASX listing will assist SmartPay in its growth aspirations “by enabling strategic acquisitions and greater access to working capital funding. Joint ventures and/or strategic alliances will also be considered.”
SmartPay first raised the possibility of an ASX listing in October.
Its shares were unchanged at 2.7 cents today, just above the bottom of its 2.6 cent to 4.9 cent 12-month trading range, giving it a market capitalisation of $29.4 million. The company says it will consolidate its 1.09 billion shares to facilitate its ASX listing.
The company said chairman Seton, who founded Iddison Group Vietnam which later became IT Capital and then morphed into amphibious boat builder Sealegs and is also chairman of ASX-listed Zedex Minerals and a director of Manhattan Corp., will concentrate on his mining interests. He has taken an executive role at Australian and Toronto listed Olympus Pacific Minerals.
Seton will be replaced by Sydney-based SmartPay director Wayne Johnson while John Nimmo will become an independent director.
Last year SmartPay almost quadrupled in size after acquiring some of the assets of ProvencoCadmus from its receiver. Bailey and Nimmo founded Cadmus.
Bailey said the company is looking for another Australia-based director and plans to appoint a New Zealand chief executive.
“In due course, and as the Australian market grows,” the company plans to appoint an Australian chief executive, he said.