EDGE 2015 is starting in

Find out more EDGE 2015
Menu
Bulletproof to become Australia's first ASX-listed pure-play Cloud provider

Bulletproof to become Australia's first ASX-listed pure-play Cloud provider

Bulletproof announce 'reverse listing' with Spencer Resources Limited

Bulletproof is set to become Australia’s first pure-play Cloud services company to list on the on the ASX.

The cloud provider has announced its intention to list on the ASX, in a ‘reverse listing’ after recording 40 per cent compound annual growth over the last five years.

Bulletproof has identified an ASX listed entity, Spencer Resources Limited (ASX:SPA), which will acquire a 100 per cent interest in Bulletproof, according to a company statement.

Existing Bulletproof shareholders will in turn receive a majority ownership in Spencer. The ‘reverse listing’ will take place under the provisions of ASX Listing Rules, and Bulletproof will be one of the first technology companies to achieve reverse listing under the May 2013 revisions. These rules require full and stringent re-compliance.

While Bulletproof shareholders will have majority ownership of the new entity, existing Spencer Resources shareholders will have to approve the deal, as it constitutes a change of investment strategy.

Bulletproof chief executive Anthony Woodward said the company had been actively looking for a way to achieve listed status to accelerate growth, while remaining predominantly self-funded.

“Presented with a number of contenders, Spencer Resources met Bulletproof’s objective of an ideally structured and ‘transaction ready’ shareholder base,” he said.

“We are confident that this transaction benefits all parties and look forward to creating value for all shareholders,” concludes Mr Woodward.

Shareholders will vote at a general meeting to be held in December 2013. The company’s admission to the ASX will follow shortly after, subject to ASX and ASIC approvals.

It has also announced Stephe Wilks will join Bulletproof as independent chairman upon listing.

Wilks brings with him a wealth of experience in publicly listed companies, particularly those in a high growth phase, including as chair of Eftel Limited, which recently sold to M2 Telecommunications Group Limited.

His previous roles include founder and managing director of XYZed (Australia’s first competitive DSL wholesaler), consulting director of NM Rothschild and Sons, and chief operating officer of Nextgen Networks.

Wilks said he was excited to be joining a dynamic and leading player in a fast moving industry, and was looking forward to helping the board and management team deliver on increasing shareholder value.

The listed entity will also issue a Prospectus for the Offer of Shares to raise approximately $1.6 million.

Woodward said being listed on the ASX would allow Bulletproof to maximise the company’s opportunities in the rapidly expanding cloud services market.

“Having enjoyed an annual growth rate in excess of 40 per cent for the last five years, we are now looking to consolidate our status as Australia’s leading cloud services provider,” he said.

“While Bulletproof’s strong cash flows will enable growth to be largely self-funded, the capital raising, when combined with existing cash reserves, will accelerate our expansion and assist in strengthening the balance sheet.”

EDGE 2015:: For all the latest on EDGE 2015 including the keynote speakers visit the EDGE mini-site now

Follow Us

Join the ARN newsletter!

Error: Please check your email address.

Tags reverse listingSpencer Resources LimitedBulletproof chief executive Anthony WoodwardStephe WilksASX Cloud providerBulletProof

Upcoming

Slideshows

In Pictures: Robots that cook, clean, sing and dance
Tech Hive

In Pictures: Robots that cook, clean, sing and dance

Cooking, learning language and doing the laundry are a few of the human skills demonstrated by.real humanoid bots featured in the National Geographic movie Robots.

In Pictures: Robots that cook, clean, sing and dance
IN PICTURES: OKI Data Australia partner event (+10 photos)
Business Products

IN PICTURES: OKI Data Australia partner event (+10 photos)

OKI recently hosted its ChannelOne dealer forum for its executive series channel partners to get together and learn about the company's new high-performance ES8400 A3 multifunction series printers. After a welcome and business overview from OKI Data Australia managing director, Dennie Kawahara, delegates were given a comprehensive overview of the new product, as well as an update on the latest marketing initiatives and software solutions, before being treated to live demos and a product showcase. Partners were also given a preview of OKI’s upcoming A3 digital LED white toner printer. With more than 60 delegates attending from all over the country, the day concluded with dinner at Casa Ristorante Italiano in Sydney and several delegates also participated in a friendly game of golf the following morning.

IN PICTURES: OKI Data Australia partner event (+10 photos)

iasset.com is a channel management ecosystem that automates all major aspects of the entire sales, marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.

Show Comments