Link to hold 43% of PEXA IPO
The shareholding in the PEXA initial public offering by superannuation administrator Link Group has been finalised to be 42.8%, as the listing date remains 1 July, 2021.
The listing would go ahead as long as the IPO continued to satisfy Australian Securities Exchange (ASX) listing requirements.
At the conclusion of the IPO, Link Group would hold 42.8% of the equity in PEXA and receive approximately $180 million of net cash proceeds.
The cash proceeds would be applied against debt in the first instance with the aim of delivering a stronger and more flexible balance sheet for Link Group.
Vivek Bhatia, Link Group chief executive and managing director, said: “Link Group has retained a significant holding in EA while strengthening its own balance sheet with gearing expected to be at the bottom of our target leverage range of two to three times net debt/EBITDA.
“Link Group will review its various options and advise the market releasing our FY results on 26 August, 2021.”
AUTHOR
Chris Dastoor
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
