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21 Dec 2015

Serko Raises $8 million in an Institutional Placement Trading Halt Lifted

Serko Limited (NZX:SKO) is pleased to confirm the successful completion of a targeted placement raising NZ$8.0 million to fund the company’s growth strategy.

Under the placement Serko will issue 9,523,809 new shares at a price of $0.84 per share. The placement price represents a premium of 5.0% to Serko’s closing share price on 17 December 2015 of $0.80 per share, immediately before Serko entered its trading halt.

There was strong institutional support expressed for the company and the Serko Board decided to raise more than it was initially targeting in order to strengthen its balance sheet. Moreover, there was demand for shares above the $8.0 million of subscriptions accepted. Participants in the placement include both new and existing institutional investors in Australia and New Zealand. The two Serko founders, Darrin Grafton (CEO) and Bob Shaw (Chief Strategy Officer), participated in the placement by subscribing for in aggregate $682,000 of shares. Mr. Grafton and Mr. Shaw reduced their initial intended level of participation to facilitate the introduction of new institutional investors.

Settlement of the placement is expected to occur on 22 December 2015.

Investment bank, Cameron Partners, acted as financial adviser to Serko on the placement.

In addition to the institutional placement, Serko will also offer each eligible New Zealand registered shareholder the opportunity to subscribe for up to NZ$15,000 worth of shares through a Share Purchase Plan (SPP). The SPP is capped at NZ$1 million in total to take the total capital raising to a maximum of NZ$9.0 million.

All new shares issued by way of the placement and SPP will rank equally with existing Serko ordinary shares currently on issue.

Further details of the SPP and the SPP booklet are expected to be released to shareholders in late January 2016.

Serko intends to use the proceeds of the capital raising to invest in its growth strategy, including to:

  1. Fund the rollout of Serko’s new product aimed at small to medium-sized businesses (SMEs).

  2. Invest in increased brand support and raise product awareness.

  3. Increase marketing spend to support its reseller network.

      4. Pursue revenue growth to achieve Serko’s short-term goal of reaching cash-flow break-even.

The Serko Board also announces that it is considering exploring a foreign exempt dual-listing on the Australian Stock Exchange (ASX) during 2016.

Serko looks forward to further growing and developing the business during 2016.



For investor relations queries please contact:

Tim Bluett, Chief Financial Officer, Serko +64 9 309 4754


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