Spring FG Limited share offer extended to accept oversubscriptions

Diversified financial services company Spring FG Limited (Spring FG) today announced that it has lodged a supplementary prospectus (Supplementary Prospectus) with the Australian Securities and Investments Commission (ASIC) to extend the initial public offering (IPO) of its shares (Spring FG Share Offer or Offer) to enable it to accept oversubscriptions pursuant to its Prospectus previously lodged with ASIC on 12 December 2014.

The Company said the purpose of the Supplementary Prospectus was to:

– confirm that the Offer has been oversubscribed

– allow the Company to accept oversubscriptions and provide additional disclosure as a consequence of this

– extend the Offer Period

– update investors in relation to timing of listing the Company on ASX

Under the Supplementary Prospectus, lodged with ASIC yesterday, the Offer has been increased by 1,500,000 Shares to 14,833,333 Shares at $0.30 per Share to now raise $4,450,000.  The indicative market capitalisation of the Company at the Offer Price is revised to $34,636,526.

The Company said the Offer had been oversubscribed in advance of its intended closing date following strong demand from institutional and retail investors as well as existing shareholders of the Company.

Spring FG managing director, Mr Keith Cullen, said “Whilst the slight increase in the number of Shares to be issued under the Offer may not enable us to satisfy all subscribers, it will enable us to accommodate the many retail investors who have subscribed without need to scale back those investors”.

Timetable not materially impacted with trading of Shares still expected to commence on ASX early March

Mr Cullen said that he expected settlement, issue and allotment of Shares to be effected by around 24-27 February 2014, after which holding statements will be despatched. “We then expect the Shares to commenced trading on the ASX around 9 March 2014”, added Mr Cullen.

The Company’s listing code will be SFL.