EDGE 2015 is starting in

Find out more EDGE 2015
Menu
Newlease set to go public following acquisition

Newlease set to go public following acquisition

Software licensing distributor gets acquired by ASX-listed FRR Corporation for $13.5 million

Software licensing distributor, Newlease, has been acquired by ASX-listed FRR Corporation (ASX:FRR).

The acquisition involves the issue of FRR shares valued at $13.5 million. FRR plans to have a single focus on the IT sector and will divest its remote accommodation interests as a result of the Newlease acquisition.

Historically, FRR provides services in refrigeration and air conditioning sectors, as well as permanent and semi-permanent transportable accommodation for the resources and construction industries.

As part of the acquisition, FRR will be renamed as Rhype, which will wholly own Newlease. The Newlease business name will remain.

Post-merger the two organisations will have a cash reserve of about $2.5 million and no debt.

There will be a number of changes made to FRR’s board with Mike Hill remaining as chairman of the group post completion. New appointments will include the founders of Newlease Doug Tutus (CEO) and Dawn Edwards (COO) as executive directors.

Laurie Sellers and Michael Everett will join the board as non-executive directors, and Philip Kapp will remain as non-executive direc tor. As a result Jonathan Pager and Leigh Curyer will resign from the board and join the advisory committee.

According to a statement from FRR, Newlease has achieved strong compound annual revenue growth of 47 per cent per annum during the past five years. In fiscal 2013, Newlease recorded revenue growth of 36 per cent in comparison to 2012.

The transaction will be subject to shareholder approval and other matters associated with ASX re-compliance. A new prospectus will be lodged with the ASX on December 20 and a shareholder meeting will take place on January 20.

Cash funds will be used for working capital and growth investments as Newlease will continue its expansion into South East Asia and add more software licensing products to its portfolio.

Newlease currently has sales and support offices in Melbourne, Sydney, Auckland, Singapore, Bangkok and Manilla, and is in the process of opening a new office in Kuala Lumpur.

FRR was trading at $0.014 at the time of publication.

More to follow.

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

2015 ARN ICT Industry Awards: Nominations for the 2015 ARN ICT Industry Awards close on June 26. NOMINATE NOW!!!

Follow Us

Join the ARN newsletter!

Error: Please check your email address.

Tags doug tutusacquisitionnewleaseLaurie SellersASX listing

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