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- Rent.com.au (RNT) shares have skyrocketed after the company unveiled a placement lead by major tech entrepreneur Bevan Slattery
- The rental property business will place 55 million shares at 5 cents each, raising $2.75 million — $2 million of which will come from the Slattery family’s investment vehicle
- As a result of his investment, the entrepreneur will joint Rent.com.au’s ranks as a major shareholder
- The cash injection comes as RNT prepares to launch RentPay, an online portal where tenants and agents can manage rental payments
- Following the announcement, Rent.com.au shares spiked 128 per cent to trade at 9.8 cents
Rent.com.au (RNT) shares have skyrocketed after the company unveiled a placement lead by major tech entrepreneur Bevan Slattery.
The rental property business will place 55 million shares at 5 cents each through sophisticated, professional and other exempt investors, raising $2.75 million.
Interestingly, $2 million in funding has already been promised by the Slattery family’s investment vehicle, the Capital [b] Trust.
“I love disruptive platforms that have the ability to scale and Rent.com.au has great potential to achieve that goal,” Bevan Slattery said of his investment.
“I look forward to supporting the board and management team and am excited to be backing another innovative Australian technology platform.”
With over 20 years’ experience founding and investing in early-stage technology listers, Bevan Slattery has financially supported ASX-listed internet services businesses like NextDC (NXT), Superloop (SLC) and Megaport (MP1).
In August 2020, Slattery also forked out $2.5 million for people management platform IntelliHR’s (IHR) $5.5 million placement. When the market reacted to this news, IHR’s share price more than tripled to 23 cents.
The tech entrepreneur’s latest cash injection comes as RNT prepares to launch RentPay, an online portal where tenants and agents can manage rental payments.
Speaking to the investment, Rent.com.au CEO Greg Bader said he was looking forward to welcoming Slattery as a major shareholder.
“I am excited that Bevan shares our vision for the platform and this additional investment will allow us to maximise the potential of our upcoming RentPay launch and provide additional working capital for marketing and product development,” he stated today.
The placement price represents a 16 per cent premium to RNT shares’ last trading price, and new stock is slated for allocation on Tuesday, February 9.
Following the announcement, Rent.com.au shares spiked 128 per cent to trade at 9.8 cents at 10:55 am AEDT.
