The Share Purchase Plan (SPP) announced on 9 December 2015 closed on 11 January 2016 with $6.38 million in applications.  This significantly exceeded the $2.5m original offer.

The retail investor backing was widespread with over 50% of OneVue’s retail shareholders applying for additional shares.  Following the recent highly successful share placement to institutional investors the Board wished to maximise the level of retail support through the SPP.  In recognition of the importance of retail investors the Board has supported a 100% increase from $2.5m to $5.0m being accepted into the SPP.

On this basis the excess received over $5m ($1.38m) will be returned to investors via a scale back of their applications.  All applications up to a minimum amount of $5,000 will be fully allocated.  Amounts exceeding $5,000 will be scaled back on a pro rata basis.  As a result of the amendments to the SPP outlined above the timetable for completion has been amended as follows:

SPP Allotment Date 18 January 2016
Dispatch SPP holding statements 19 January 2016
Refunds processed (from) 19 January 2016

The SPP shares will be allotted at $0.68 cents per share, the same price as applied to the recent institutional share placement. A total of 7,353,091 fully paid ordinary shares which will rank pari passu with existing shares will be issued.

Capital raised from the SPP and the Private Placement totaling $17.5m (before costs) will be applied as planned to:
• Support the working capital requirements associated with the expedited delivery of the Fund Services transitions pipeline, funding upfront transition costs incurred ahead of billings
• Further strengthen OneVue’s Balance Sheet to underpin the requirements of custodian clients and global investment managers
• Provide balance sheet flexibility to execute on corporate opportunities as they arise, including participating in further potential acquisitions,
• Repay approximately $1.5million of the ANZ debt facility which was established to acquire SMA Managers.

Source: OneVue

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