Serko Limited is pleased to announce an underwritten placement to raise approximately NZ$15 million (“Placement”). The Placement is underwritten by Deutsche Craigs Limited.
The Placement is underwritten at a price of NZ$2.75 per share, reflecting a 3.2% discount to the last traded price
of NZ$2.84 on Monday, 6 August and a 5.6% discount to the 30-day VWAP of NZ$2.91.
The bookbuild will take place on Tuesday, 7 August 2018. Serko expects to be in a position to make an announcement as to the outcome of the bookbuild prior to the commencement of trading on Wednesday, 8
August 2018. There will be no Share Purchase Plan in connection with the Placement, however certain NZX
participants will be invited to participate in the bookbuild on behalf of their New Zealand and Australian retail
shareholder clients.
The Placement is expected to provide Serko with funds to bolster its working capital position and strengthen
its balance sheet, giving Serko greater flexibility to both accelerate organic growth opportunities and execute
potential acquisitions, including:
• Undertaking investments to drive revenue growth such as establishing sales and support functions in
new international markets;
• Accelerating product development and integration of local content and functionality in international
markets which are required in order to appeal to a wider range of Travel Management Companies
(TMCs) and corporate users; and
• Providing funding capacity for potential acquisitions that deliver additional customers, development
capability and in-market infrastructure, facilitating and enhancing the pace of Serko’s expansion into
new geographies.
Additionally, the Placement is expected to deliver a range of ancillary benefits such as increasing Serko’s free
float, providing greater liquidity for investors and broadening the share register investor base by introducing
new shareholders.
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