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- Donor management system Pushpay (PPH) has announced a NZ$95.7 million (around A$90 million) bookbuild to facilitate a sell-down of shares
- Co-Founder Chris Heaslip and Executive Director Chris Fowler are both selling off part of their stake in Pushpay
- A total of 54.68 million fully paid ordinary PPH shares, around 4.96 per cent of issued capital, will be sold as part of the bookbuild
- The floor price for the offer is NZ$1.75 per share (roughly A$1.65 per share) which represents a 7.4 per cent discount to the last closing price
- Along with the bookbuild, the company also announced its guidance was on track for the year with earnings of between US$54 million and US$58 million (about A$71.63 million to A$76.93 million) expected
- Shares in Pushpay have been placed in a trading halt as the company carries out today’s sell-off
- PPH shares last traded for $1.78 each on December 14
Pushpay (PPH) has announced a NZ$95.7 million (roughly A$90 million) fully underwritten bookbuild to facilitate a sell-down of shares.
The donor management system’s Co-Founder and Executive Director are both selling off a part of their stake in Pushpay.
Chris Heaslip will part ways with 41.67 million shares, taking his interest in the company from 4 per cent to 0.2 per cent.
While, Chris Fowler will sell off 13.01 million shares, held by interests associated with him, taking his stake from 2.4 per cent to 1.2 per cent.
All up, 54.68 million fully paid ordinary PPH shares, around 4.96 per cent of issued capital, will be sold as part of the fully underwritten bookbuild.
The floor price for the offer is NZ$1.75 per share (roughly A$1.65 per share) which represents a 7.4 per cent discount to the last closing price of $1.78.
The offer opened today and will close on Wednesday, December 16, with shares expected to settle by the end of the week.
Along with the bookbuild, Pushpay also stated its earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF) are on track.
By the end of the PPH financial year, March 31 2021, the company expects to have an EBITDAF of between US$54 million and US$58 million (about A$71.63 million to A$76.93 million).
However, Pushpay has flagged that “uncertainties and impacts surrounding COVID-19 and the broader U.S. economic environment” could affect that figure.
Shares in Pushpay have been placed in a trading halt this morning ahead of the bookbuild announcement. PPH shares last traded for $1.78 each on December 14.
