Full announcement: http://www.stocknessmonster.com/news-item?S=AAO&E=ASX&N=547518AUSTRALASIA SUCCESSFULLY COMPLETES ACQUISITION OF EMERCHANTS AND COMPANY TRANSFORMATION
1 July 2011
Australasia Consolidated Ltd (ASX: AAO, Australasia) is pleased to announce it has successfully secured all requisite approvals to transform into a financial services company through the acquisition of Emerchants Limited (Emerchants) and a number of other supporting initiatives, including a change of name to Adept Solutions Limited.
Australasia’s shareholders overwhelmingly supported the transformation by voting in favour of all resolutions proposed at the Extraordinary General Meeting on 29 June 2011.
Completion of EML acquisition
Australasia is also pleased to announce completion of the acquisition of Emerchants, a leading issuer of pre-paid financial cards in Australia. By approving this acquisition, shareholders supported a significant change in the nature and scale of Australasia’s activities.
As a result of the acquisition, Emerchants has become a wholly-owned subsidiary of Australasia Consolidated.
Emerchants operates in a rapidly growing market, with pre-paid and debit card usage growing at approximately 20% over the past 5 years. Furthermore, closed loop cards, such as gift cards, grew by over 60% in the same period.
Australasia’s Managing Director Bob Browning was very pleased to announce the completion of the acquisition.
“As one of Australia’s leading issuers of pre-paid financial cards, Emerchants is well positioned in an industry that has an exciting future,” Mr Browning said.
“This business is poised for significant revenue growth and we expect to use the existing, scalable and highly flexible technology platform to drive superior returns for Australasia’s shareholders.”
Capital raising complete
Australasia is pleased to announce it has successfully raised $10,000,000 by way of share placement, as outlined in the Prospectus lodged with the Australian Securities & Investment Commission (ASIC) on 21 June 2011 (Prospectus). As a result, the offer is now closed.
The proceeds of the raising have been used to fund the acquisition of Emerchants and will be used to pursue its growth plans, which include expansion of the sales and marketing team, software modifications to support incremental business opportunities and the implementation of a robust marketing and promotional program.
As a result of the raising, Australasia has a balance sheet with no net borrowings, providing a strong
platform to pursue growth opportunities.
Do you think it is worth a look now So_Cynical? What about you VSntchr, do you think it is investment grade now?Back then I saw some potential in what they were doing. May be worth a fresh look.
Confession time, I waded in on this one before it has become investment grade. But I did a fair bit of research prior to the purchase and came out pretty confident that this will perform well over the medium term.Do you think it is worth a look now So_Cynical? What about you VSntchr, do you think it is investment grade now?
They held an Investor Presentation yesterday - For the First Half Financial Year 2014. Click on link to see what was on the agenda - http://stocknessmonster.com/news-item?S=EML&E=ASX&N=670255
This came on top of an announcement last Thursday that they had signed a multi-year contract with Ladbrokes Digital Australia - http://stocknessmonster.com/news-item?S=EML&E=ASX&N=669853
After consolidating between $1.70 and $1.80 for the entirety of April, today's news was the catalyst that sent EML above its previous 24 month high of $1.92, which it reached in August 2018. After reaching an intra-day high of $1.995 today, EML has slipped back to $1.93 but is still seeing a lot of buying pressure.EML PAYMENTS LIMITED (ASX: EML) (“EML”) is pleased to announce that its wholly owned subsidiary, EML Payments USA LLC, has entered into a multi-year agreement with Hillside (New Jersey) LLC, trading as bet365 (bet365), for the provision of a bet365 branded Reloadable card program in the state of New Jersey in the United States of America.
Under the agreement, EML will give bet365 customers an easy to use Reloadable card to both remit funds into their gaming account alongside our innovative product supporting fast access to winnings. The initial program in New Jersey is expected to launch in mid 2019 following regulatory approvals.
Nah … I only buy penny dreadfuls at less than 10 cents now days Greg