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Australia's Change Financial plans to conduct rights issue

Change Financial Ltd. proposed to issue up to 17,127,164 shares in a rights issue.

Under the rights issue, entitled shareholders will be offered shares on the basis of 1 new share for every 5 shares held at 6 Australian cents apiece. The company expects to issue the shares Feb. 20.

Change Financial said it plans to use proceeds from the issue to develop its enterprise banking solution.