Latitude Financial Broker Firm Offer

Bids for the Latitude Broker Firm Offer are now open.

The Offer

The Offer

Bell Direct clients can lodge bids to invest in Latitude Financial Services, a leading digital payments and finance business in Australia and New Zealand via the Broker Firm Offer.

The Offer is being made by SaleCo and is expected to raise approximately $1,244.8 to $1,400.4 million.

The indicative price range is between $2.00 to $2.25 per share, with a minimum application of $2,000 worth of shares in aggregate. 

The Shares being offered under the Offer will represent 35% of the Shares on issue at Completion. The total number of Shares on issue at Completion will be 1,778.2 million and all Shares on issue will rank equally with each other.

The Prospectus has been lodged. Please ensure you read it carefully before you bid.

Details of the Offer and how to bid are enclosed below. 

Access the Prospectus here

Key dates

Firm bids are due by 10am Tuesday 8 October 2019 (AEST) - Subject to early close without notice.

Prospectus lodgement date26 September 2019
Broker Firm Offer closes10:00am, 8 October 2019
Bookbuild to determine Final Price15 and 16 October 2019
Expected commencement of trading on a conditional and deferred settlement basis on the ASX18 October 2019
Settlement of the Offer5:00pm, 22 October 2019
Completion of the Restructure23 October 2019
Expected transfer of Shares (Allotment Date)23 October 2019
Commencement of unconditional trading on a deferred settlement basis on ASX23 October 2019
Expected despatch of holding statements24 October 2019
Expected commencement of trading on a normal settlement basis on the ASX25 October 2019

The dates above are indicative only and may be subject to change without notice.

 

Key offer statistics

 LowHigh
Indicative Price Range$2.00$2.25
Final Price/Pro forma LTM Jun-20 Cash NPAT per Share12.4x 13.9x
Enterprise value [1] /Pro forma LTM Jun-20 Adjusted EBITDA7.8x 8.8x
Total number of Shares on issue at Completion of the Offer (million Shares)1,778.2 1,778.2
Market capitalisation using the Indicative Price Range ($ millions)$3,556.5 $4,001.0
Total proceeds under the Offer ($ millions)$1,244.8 $1,400.4
– Primary Shares ($ millions)$1,058.2 $1,065.0
– Secondary Shares ($ millions) $186.6$335.4
Total number of Shares available under the Offer (millions)622.4 622.4
– Primary Shares (millions) 529.1 473.3
– Secondary Shares (millions)93.3 149.1
Total number of Shares available under the Offer / total number of Shares on issue at Completion of the Offer35.0%35.0%
Implied annualised 1H20 forecast dividend yield using the Indicative Price Range[2]5.2%4.6%

[1] Enterprise value calculated as market capitalisation less pro forma unrestricted cash and cash equivalents as at 30 June 2019.

[2] The implied dividend yield is based on the expected dividend for the 6 month period to 30 June 2020 (the first expected dividend) assuming the mid-point of the target dividend payout ratio, on an annualised basis.

How to apply

To apply for the Latitude Financial Broker Firm Offer:

If you're not a Bell Direct client, open an account here. 

For existing Bell Direct clients, follow the steps below:

1. Download and review the Prospectus carefully here.

2. Send an email to ipo@belldirect.com.au detailing your Bell Direct account number, your name and the amount in $ you would like to apply for.

The indicative price range is between $2.00 to $2.25 per share, with a minimum application of $2,000 worth of shares in aggregate. 

Firm bids are due by 10am Tuesday 8 October 2019 (AEST). However, the company may vary the timetable, including closing the Offer early, at any time prior to that date, without notice.

3. Ensure you have sufficient cleared funds in your Bell Direct cash account on the day you make your application. If there are not adequate cleared funds in your account, your application won't be submitted and you will not be allocated units.

4. Once units are allocated, we will advise you of your final allocation.

Important to note

a) you have read and understood the Prospectus dated 26 September 2019 (and/or supplementary or replacement Prospectus);
b) you hereby submit a bid for a firm allocation of units in the Offer and acknowledge that once the firm offer is closed I/we may not withdraw my/our bid.
c) you apply for the value of units that I/we bid for (or a lower value as determined by Bell Direct at its sole discretion);
d) that the information contained in the Prospectus (and/or any supplementary or replacement prospectus) is not financial product advice or an express or implied recommendation that the financial product is suitable for me/us, given my/our investment objectives, financial situation or particular needs;
e) That, in the event that the offer is oversubscribed, Bell Direct or the issuer may determine the allocation policy in its absolute discretion and I/we agree not to make any claim against Bell Direct or the Issuer in relation to the allocation policy.

f) I/we make the acknowledgements, declarations, representations and warranties set out in Section 7.12 of the Prospectus and this Broker Firm Offer Application Form and declare that all declarations, details and statements made by me/us are complete and accurate;f) I/we make the acknowledgements, declarations, representations and warranties set out in Section 7.12 of the Prospectus and this Broker Firm Offer Application Form and declare that all declarations, details and statements made by me/us are complete and accurate;

​Please contact our broking representatives by email or on 1300 786 199 if you have any questions on the Offer or on how to apply.