18/05/2007
Plan B IPO and Listing
Boutique wealth management company Plan B Group Holdings Limited ACN 124 951 337 (“Plan B”) is pleased to announce it has lodged a prospectus with the Australian Securities and Investments Commission for an initial public offering comprising 30 million shares at $1.00 per share (”Offer”). Plan B will be applying to list on the Australian Stock Exchange.
The Offer is fully underwritten by Taylor Collison Limited. First City Corporate Advisory Services Pty Limited and TC Corporate Pty Limited have acted as Plan B’s corporate advisers to the Offer.
On completion of the Offer, Plan B will have 74.9 million shares on issue and a market capitalisation of $74.9 million based on the A$1.00 Offer price. Shares offered under the Prospectus will represent approximately 40% of the expanded issued share capital of Plan B upon completion of the Offer.
Plan B is a leading non-aligned fee-based wealth management firm, with a full-service business model structured for growth. Plan B has over 20,000 retail and institutional clients in Australia and New Zealand with over $1.6 billion in funds under management, administration and advice.
In its Prospectus, Plan B is forecasting FY08 net profit after tax of $5.4 million on net revenue of $36 million, translating to a price to earnings ratio of 13.9 times in FY08. The forecast dividend yield in FY08 is 4.3% fully franked. Detailed financial information is contained in the Prospectus.
Executive Chairman and co-founder of Plan B, Bryan Taylor, said Plan B had a track record of profitable expansion over a period of more than 20 years.
“Listing on the ASX is a logical next step for Plan B and will provide the Company with the springboard for our next growth phase,” said Mr Taylor.
“Plan B has carved a unique position in the Australian wealth management sector, with a business model that delivers outstanding service and value for clients and stable revenue streams and earnings for the Company.”
Managing Director, Denys Pearce, said Plan B’s growth plan would see the company target acquisitions in Australia and New Zealand.
“We have demonstrated that the Plan B model is scaleable and has already been very attractive for a number of smaller wealth management groups that have been acquired and successfully integrated in recent years,” said Mr Pearce.
”The IPO will provide funds to acquire and integrate new businesses and leverage our vertically integrated business model.”
The Offer is scheduled to open on 11 June 2007, with trading in the shares on the ASX expected to commence on 20 July 2007.
Offers of shares in Plan B will only be made in, or accompanied by, a copy of the Prospectus.
Anyone wishing to apply for shares in Plan B will be required to complete the application form that will be in or accompany the Prospectus.
Further Information:
John McGlue
Porter Novelli
(08) 9386 1233
0417 926 915
Denys Pearce
Plan B Group Holdings
Managing Director
(08) 9324 6000
About Plan B
Plan B Group Holdings Limited is a boutique wealth management group with operations in Australia and New Zealand, offering wealth management and administration services to more than 20,000 clients with more than $1.6 billion in funds under management, administration and advice.
The Company operates at most points in the wealth management value chain including advice, administration, investment management, estate planning and insurance. This allows Plan B to offer a superior service to clients and create a platform for sustainable growth in revenue and earnings.
Plan B is now embarking on the next phase of expansion with a growth strategy that targets acquisition of suitable wealth management businesses in Australia and New Zealand that meet the Company’s strict acquisition criteria.
Appendix 1: Key Dates and Key Offer Information
Key Dates
Prospectus lodged with ASIC 17 May 2007
Offer opens 11 June 2007
Offer closes 6 July 2007
Shares commence trading on ASX 20 July 2007
All of the above dates are indicative only.
Key Offer Information
ASX ticker PLB
Offer price $1.00 per share
Number of shares available under the Offer 30.0 million
Total number of shares on issue following completion of the Offer 74.9 million