OTHERS N2N CONNECT BERHAD (N2N OR THE COMPANY) ACQUISITION OF 28% INTEREST IN OURMONEYMARKET HOLDINGS PTY LTD
N2N CONNECT BERHAD
|Description||N2N CONNECT BERHAD (N2N OR THE COMPANY) ACQUISITION OF 28% INTEREST IN OURMONEYMARKET HOLDINGS PTY LTD|
Pursuant to Rule 10.05(2) of the Listing Requirements of Bursa Malaysia Securities Berhad for the ACE Market, the Board of Directors of N2N Connect Berhad (“the Company”) wishes to announce that the Company had, on 12 April 2018 signed the Subscription Agreement with OurMoneyMarket Holdings Pty Ltd for the subscription of 28% of the shareholding of OurMoneyMarket Holdings Pty Ltd. comprising 47,326 Class A shares for a total consideration of AUD2,800,000 (equivalent to RM8,330,840) only (“Acquisition”) to be satisfied in cash.
2. Information on OurMoneyMarket Holdings Pty Ltd.
OurMoneyMarket Holdings Pty Ltd ACN 614 872 105 (“OurMoneyMarket”) is Australia’s first hybrid marketplace lender, utilising the latest peer-to-peer lending technology in combination with traditional structured finance methods to fund high-yielding unsecured personal loans. OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders.
OurMoneyMarket’s platform provides borrowers with a quick and simple, 100% online application process, whilst awarding good borrowers with lower rates than traditional lenders. Its advanced investor platform applies securitisation “best practice” methods to provide investors with detailed portfolio analytics, whilst ensuring a robust foundation to scale its operations. The investor platform is open to both retail and institutional investors, who can now access an alternative asset class to traditional equities and bonds. Investors using the platform are able to invest as little as AUD50 in any single loan.
3. Salient terms of the Agreement
Subject to the terms of the Agreement, on the Completion Date, the Company must subscribe for, and OMM must allot and issue to the Company, the number of Subscription Shares set out in the Agreement.
The Subscription Shares are issued free from all Encumbrances and other third party rights.
Conditions Precedent (Clause 3.1)
Completion of the subscription of the Subscription Shares is conditional on the satisfaction and waiver of the following conditions precedent:
- The Company having obtained all the necessary approvals for the transaction and the Company providing notification in writing to OMM that all the necessary approvals have been obtained prior to Conditions Precedent End Date.
Time and place of Completion
Completion will take place at 11:00 a.m. on the Completion Date at the offices of OMM or at such other time and place agreed as by OMM and the Company in writing.
Completion Date means the date on which the conditions set out in Clause 3.1 above are either satisfied or waived in full, or such later date as the parties may agree in writing.
4. Financial Effects
The Acquisition is not expected to have any material effect on the earnings and net assets of the Company for the financial year ending 31 December 2018.
5. Interests of Directors, Major Shareholders and/or Persons Connected to them
None of the Directors, major shareholders of the Company and/or persons connected to them have any interest, either direct or indirect, in the Acquisition.
This announcement is dated 12 April 2018.