Veda_mainlogo_hiVeda Group Limited (Veda) announces that it will issue 272.8 million new shares at an offer price of $1.25 per share to raise $341.1 million through an initial public offering (IPO).   The purpose of the offer is provide Veda with access to capital markets, allow the company to repay debt, flexibly pursue further growth opportunities and enable others to invest in Veda.  The enterprise value at Offer Price is AU$1,339.8 million (4.6x 2014 proforma revenue forecast).

The offer comprises:

A “Broker Firm Offer”, which is open only to Australian resident investors who are not institutional investors and who receive a firm allocation from their broker

An “Institutional Offer”, which consists of an invitation to bid for shares made to institutional investors in Australia, and a number of other eligible jurisdictions

A “Personnel Offer” and a “Priority Offer”, which are open only to eligible employees and investors nominated by Veda respectively.

The offer is fully underwritten by the Joint Lead Managers, Citi and UBS.

Shares offered through the IPO will represent approximately 32.4% of the shares on issue.  Current shareholders, Pacific Equity Partners (PEP) and Veda Management, will retain their current respective investments in Veda and will enter into voluntary escrow agreements until at least the release of the company’s FY2014 results.

Since September, changes have been made to the composition of the Board of Directors.  The board now comprises Dr Helen Nugent AO (Chairman), Mr Bruce Beeren, Ms Diana Eilert and Dr Peter Shergold AC (all independent non-executive directors); Mr Anthony Kerwick and Mr Geoff Hutchinson (representatives of shareholders advised or managed by PEP), and the CEO and Managing Director, Ms Nerida Caesar.

Veda Chairman Helen Nugent said the Board was pleased to offer investors the opportunity to take part in the growth and evolution of Veda.  Veda Chief Executive Nerida Caesar said: “Veda is delighted to have such a well-credentialed board with a diversity of experience to help guide us into this next exciting phase of our development.”

A copy of the prospectus can be viewed online at  Anyone wishing to apply for shares will need to read the prospectus in its entirety before making any decision to invest.  In particular, it is important to consider prospectus in light of your own investment objectives, financial situation and particular needs and seek professional advice. Anyone wishing to acquire shares must complete the application form that will be in or will accompany the prospectus from 26 November 2013.  The Veda Offer Information Line can be reached on 1800 628 703 (toll free within Australia) or +61 1800 628 703 (outside Australia) from 8.30am until 5.30pm (Sydney time) Monday to Friday.

Source:  Veda Press Release