latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/australia-s-flexigroup-announces-name-change-a-140m-equity-raising-60081813 content esgSubNav
In This List

Australia's FlexiGroup announces name change, A$140M equity raising

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Australia's FlexiGroup announces name change, A$140M equity raising

Australia-based financial technology company FlexiGroup Ltd. announced plans to change its name to "humm," raise up to A$140 million in equity through an entitlement offer and launch a strategic review of its commercial and leasing business.

The company said it has reserved the ASX ticker HUM for its rebranding, which remains subject to approval from its shareholders.

The entitlement offer will comprise a fully underwritten institutional component and a 50% underwritten retail component, with about A$115 million to be underwritten. Under the offer, 1 new share will be available for every 3.2 shares held at a price of A$1.14. Under the institutional offer, Chairman and founder Andrew Abercrombie will subscribe for A$7.5 million of new shares. The company's shares will remain in a trading halt, pending completion of the institutional entitlement offer.

Citigroup Global Markets Australia Pty. Ltd. is the lead manager for the offering.

The company is also conducting a strategic review of its commercial and leasing business "to assess opportunities to help this business realize its full potential."