RFL 0.00% 16.5¢ rubik financial limited

rubik financial seeks to raise $25m

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    Banking systems provider Rubik Financial is seeking to raise $25 million in a placement of shares through Canaccord Genuity.

    Rubik went into a trading halt on Tuesday morning as Canaccord contacted clients for the offer.

    The broker was seeking to place 56.8 million shares at 44¢ each. It was priced at a 16.2 per cent discount to the last traded price and a 7.1 per cent discount to the 10-day volume weighted average price.

    Funds raised would be principally applied towards Rubik’s current or future acquisition opportunities, according to a termsheet sent to fund managers.

    Rubik said it had entered into two-binding termsheets to acquire two mortgage platforms, but both deals were subject to due diligence and finalisation.

    The company forecasts $8 million earnings before interest, tax, depreciation and amortisation in the 2014 financial year, increasing to $16 million by 2016.

    Bids were set to close at 12noon on Wednesday, April 9.

    http://www.afr.com/Blogs/Opinion_Street%20Talk#80b489ee-beb3-11e3-a0e4-964bd3fcd3ac
 
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Currently unlisted public company.

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