IMF Successfully Raised $39 Million Through Conditional Placement Of IMF Bentham Bonds

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IMF Bentham Limited (ASX: IMF) is happy to announce its successful completion of raising the funds of amount A$39 million through the bookbuild for its conditional placement of IMF Bentham bonds (Bonds).

As per the previous announcement made, the issue of the bond under conditional bond placement is subjected to certain amendments based on the bonds being approved in the meetings of the bond holders that is about to be held on 3 December 2018 (Restructure Proposal). Also, based on today’s meeting related to the Restructure Proposal explanatory memorandum will get forwarded to bond holders, post meeting. 

This Conditional Bond Placement will be able to identify the fund potential redemptions associated with the Restructure Proposal. This will also help in identifying the fund growth initiatives which will allow greater financial flexibility to the balance sheet AMF. The fixed price of the new bond issued through the Conditional Bond Placement which is set at $101.13 per new bond. The Bonds possess the same features of the existing bond. These bonds belong to same class, are fully interchangeable with the existing both and will have equal rank with existing bonds which is listed by code “IMFHA” in ASX.

Andrew Saker, the managing director of IMF said that there is an influence seen in both existing and new investors. There is a visible strong interest seen toward the Conditional Bond Placement. This also highlights that the investors strongly support the restructure proposal, their strategy and their growth plans. In order to support the growth initiatives of the business, the Conditional Bond Placement will help the company in generating funds through potential redemptions of Bonds. This will also supplement the raised equity. The commencement of the trading of the bond will begin on 07 December 2018 subject to approval of restructure approval.

The company has given a positive performance of 241.68% since inception.  The one year, 5 years and 10 years performance of the company is 14.23%, 50.41% and 250.90%. For the year ended 30 June 2018, there is an increase in revenue generated from the ordinary activities by 121%. However, there was a downfall in the total income by 59%. The net loss for the period attributable to the members was 171%. The total assets of the company were A$539.251 million. The total liabilities of the company is A$171.415 million. This indicates that company can clear its long-term obligations. The total current asset of the company is A$192.787 million and the total current liabilities of the company is A$82.914 million. This indicates that company has potential to meet its working capital as well as the short-term obligations. The total shareholders equity is worth A$367.836 million.

For the quarter ending 30 September 2018, IMF used A$10.600 million where the major cash outflow was due to Payments made to staff, advertising and marketing and administration and corporate costs. The net cash used in investing activities is A$10.923 million. The net cash used in the financing activities is A$1.462 million. The cash and cash equivalents at end of quarter is $ 138.677 million. The current market price of the share is A$2.73 (AEST: 4pm) with a market capitalization of A$557 million.


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