Pre-IPO Offer Revisited
As a subscriber to our Opportunities newsletters you may recall late last year we published an offer entitled An Australasian Pre-IPO Offer which raised - through TBK Capital alone - $1.2 million; with an average investment of $76,000. Much has happened since then.
As a subscriber to our Opportunities newsletters you may recall late last year we published an offer entitled An Australasian Pre-IPO Offer which raised - through TBK Capital alone - $1.2 million; with an average investment of $76,000. Much has happened since then.
Well we’re pleased to announce that Sitesoft has now mandated TBK
Capital to raise further capital by the way of an issue of new shares in
the Company.
In December 2021 SiteSoft acquired 100% of Lucidity, a 15 year old
software company in Australia in the same H&S sector. Revenue has
grown significantly and by 30th November 2022 Sitesoft’s revenue had
risen to A$5.7 million. And they now have offices in Sydney, Melbourne
and Auckland and we are presently launching in the U.K.
After 9 months of due diligence they signed up Auckland Hospital and in
Australia have secured some large companies including the largest home
builder plus several councils and Government departments.
They now have 40 plus staff, high quality senior management, and are
continuing to grow at 50% plus per annum. Accordingly the company is on
track meet its objective to list on the ASX in Australia in March 2023.
Australian listing planned
This is to be accomplished by way of Reversed Takeover (RTO). The
target company is already listed. They have had verbal discussion with
the ASX and there is goodwill to make that work.
A full written submission was lodged with the ASX and they expect
certainty on this RTO in the next couple of weeks. This could have them
listed on the ASX in March 2023.
The A$1,7590,000 capital raise is required to fund the final ASX
listing. Cash flow breakeven is in February 2023 which is unique for a
high growth SaaS company.
They are budgeting on achieving Annualised Recurring Revenues by June
2023 of A$7.600,00. They are trading well in both Australia and New
Zealand and have had a successful soft launch in the UK this year.
The board ( Chaired by ex Xero Chairam – Phil Norman ) has approved and
is recommending a SAFE instrument for this Capital raise. This is a
financial instrument to protect a new capital in the company and is
called a SAFE. This has been used in both the U.S. and Australia for
some time.
Essentially it protects the investor so that if the RTO was to list at a
lower price, then this becomes your entry price for your new
investment. Therefore, the share price can go up but cannot go down.
The Offer
Meanwhile the board of Sitesoft and close creditors have committed to
investing A$550,000 into this new round leaving A$1,200,000 available
for new investors.
For more information reply to this email or call me on 021 902 901 for a
copy of the IM describing the offer, plus a pitch deck presentation of
the software.
..................................................................................................
The above investment is not an offer of financial products that
requires disclosure under the Financial Markets Conduct Act 2013 (Act)
and is available only to wholesale investors as defined by that Act. It
is intended for distribution only to selected people to whom, under the
relevant laws, it can be lawfully distributed. It cannot be distributed
in any other jurisdiction, or to any other people. It is not an offer or
solicitations in any jurisdiction in which such offers or solicitations
are not authorised, or in which the person making such offers or
solicitations are not qualified to do so, or to any person to whom it is
unlawful to make such offers or solicitations. Any representation to
the contrary would be unlawful. No action has been taken by any person
that would permit a public offering in any jurisdiction where action for
that purpose would be required.
Cheers
John Paine B.Sc., Dip BIA
TBK Capital Limited
Level 10,120 Albert Street
Auckland 1010, New Zealand
Phone +64 9 307 3257
Mobile +64 21 902 901
Email john.paine@tbkcapital.co.nz
For more information, please click the contact button below to send us a message.
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