A$125m merger with Finsure following successful defence of the Firstmac takeover
In January 2018, it was announced that Goldfields Money Limited (“Goldfields Money”) entered into a binding transaction with Finsure Holdings Limited (“Finsure”). The Finsure transaction consisted of the issue of approximately 41 million Goldfields Money shares to Finsure at a subscription price of A$1.50 per Goldfields Money share as consideration for the acquisition of Finsure (subject to certain escrow restrictions).
The Finsure transaction was subject to receipt of Financial Sector (Shareholdings) Act (“FSSA”) approval from the Federal Treasurer for a single group to own greater than 15% of an Authorised Deposit-taking Institution (“ADI”). This was the first time ever that a transaction involving an ADI and requiring FSSA approval successfully completed. Goldfields Money also raised approximately $25 million from international and local institutional and professional investors by way of a placement of new fully paid ordinary shares.
Announcement of the Finsure transaction followed a hostile takeover offer from Firstmac Holdings Limited (“Firstmac”) in October 2017, which closed in December 2017 with no shares having been acquired.
The Finsure transaction completed in September 2018.
Azure advised Goldfields Money on all aspects of the transaction including valuation and strategic advice, defence tactics, structuring, engagement with APRA and the Federal Treasurer, coordination of due diligence and negotiation of the relevant transaction agreements.