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Tuesday, 9 July 2013

Steadfast float attracts all majors

Steadfast managing director and CEO Robert Kelly has revealed that “several” network brokers have expressed an interest in the allocation of IPO shares.
Kelly made the statement yesterday as the cluster group issued a replacement prospectus, outlining that the final number of shares to be issued to vendors will be 135 million, with plans to raise $334m from investors.
“The replacement prospectus is an important milestone in the IPO process,” Steadfast managing director & CEO, Robert Kelly said. “A large number of vendors have opted to receive consideration shares as part of the IPO Acquisitions. In addition several network brokers have indicated an appetite for an allocation of shares in the IPO Offer.
“The IPO is on track and progressing as planned, and I look forward to the weeks ahead.”
The consideration shares will be issued following the elections made by relevant vendors of equity interests in businesses being sold to Steadfast (IPO acquisitions), following their review of the prospectus.
All consideration shares are subject to escrow restrictions from the date of the issue of those shares until 31 August 2014 (subject to certain early release conditions referred to in the prospectus).
The total shares on issue immediately after completion of the IPO will be between 490 million and 545 million.
The IPO will be offered to certain investors at an indicative price range of $1.00 to $1.20 per IPO share with an expected market capitalisation of $545m to $587m based on the Indicative price range. The final price per IPO Share will be determined at the conclusion of a book build process on or around 30 July 2013. The final price may be set within or above the indicative price range of $1.00 to $1.20 per share.
Upon listing, the vendors together with Steadfast network brokers are expected to hold 37-41% of the shares in Steadfast, reaffirming their commitment to the business and its future success.
The IPO is conditional on achieving a final price of at least $1 per IPO share, Steadfast completing acquisitions representing at least 93% of the aggregate purchase price of all Acquisitions, ASX granting conditional listing approval and final board approval.
The prospectus is available in electronic form at Eligible investors should consider the prospectus and read it in full in deciding whether to acquire Steadfast shares. If you want to acquire shares, you must complete the relevant application form in, or which accompanies, the prospectus.

Perth has it's lion share of Steadfast Insurance brokers, some of the most notable are

  • Phoenix Insurance brokers, South Perth
  • Centrewest Ins brokers
  • LTM Risk Brokers 

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