New leadership for Countplus
Count Financial subsidiary Countplus has paved the way for listing by making changes to its executive leadership and issuing its prospectus with the corporate regulator ahead of a share raising in late November.
Count Financial’s former chief financial officer Michael Spurr (pictured) has been named as Countplus’ next chief executive, while Stephen Aguilera-Mendoza has been appointed as chief financial officer for Count Financial. Aguilera-Mendoza was formerly senior executive of finance and corporate development of Count Financial.
Count Financial chairman Barry Lambert said Spurr was an ideal choice for the position, since he had been a director of Count Financial for the last three years and had a good understanding of its business and financials. It was important for the new chief executive of Countplus to be able to work closely with Count Financial for both companies’ mutual benefit, Lambert said. Chief executive of Count Financial Andrew Gale said Aguilera-Mendoza’s appointment was part of an orderly succession planning process.
Countplus is seeking to raise up to $25 million from an initial public offering, according to its prospectus. The minimum raising of $20 million has been fully underwritten by Count Financial.
Countplus is offering 13.3 million shares at $1.50 per share to the public, with the option to raise up to an additional $5 million in oversubscriptions.
The public offering is to raise funds for working capital and contribute to future acquisitions, as well as to pay off funds owed by Countplus to Count Financial, including loans originally made by Count Financial to provide working capital for its acquisitions. Most of the loans have now passed to Countplus.
Countplus owes Count Financial approximately $13.5 million, according to Lambert.
“The cost of the offer is $500,000. Half is being paid by Count and half by Countplus, and that leaves $5.7 million left over for further acquisitions as appropriate,” Lambert told Money Management.
“We are already talking to three tuck-ins, very small acquisitions,” he said.
Countplus is also giving its principals an opportunity to invest in the company through a principal’s offering of $1.42 per share.
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