Bulletproof to become Australia's first ASX-listed pure-play Cloud provider
- 28 October, 2013 15:03
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.”