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
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
