AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
IRESS Limited (ASX:IRE) acknowledges ASX Limited (ASX) announcement to sell its entire investment in IRESS. ASX currently holds a stake of 8.6% in IRESS and is undergoing an underwriting agreement for $11.95 per share. It anticipates realizing total proceeds of $385 Mn.
ASXâs CEO & MD, Mr. Dominic Stevens mentioned that they believe that IRESS had been a strategic investment for them for a long time. In the year 2000, when ASX bought the stake in IRESSâs IPO, both the company were mainly focused on serving the Australian equities market. Since then, both businesses have evolved, flourished and expanded successfully. Now itâs time for ASX to exit the stake and find new opportunities which can add sustainable value to them for a long time.Â
The initial cost of the stake for ASXâs shareholding stood at $4.70 per share for $151 Mn. On December 31, 2019, ASXâs stake in IRESS was held at $11.12 per share for $357.9 Mn. The stake dilution will help ASX to report a post-tax profit of $161 Mn, which as per accounting standard AASB 9 Financial Instruments (effective from July 1, 2018), will be recognized directly in equity.
ASX will provide an update about the proceeds of the sale once the review of its options are complete. UBS AG (Australia Branch) has been appointed as underwriter, sole lead manager and bookrunner of the sale.
IRESS Chief Executive, Mr. Andrew Walsh has thanked ASX for its support over many years. He further stated that the partnership with ASX had helped IRESS to grow and maintain its Australian business in wealth management, trading, and market data, while also expanding into a strong and diversified international technology company.
On 26 February 2019, the company announced that Greencape Capital Pty Ltd ceased to be a substantial holder of IRESS Limited since February 22, 2018.
IRESS Limited is the developer and supplier of advanced technology solutions for customers in the financial system, trading, mortgage sector, and wealth management. Its on-shore and off-shore offices include locations such as Australia, Canada, Asia, the UK, New Zealand, and South Africa. We would now understand how the companyâs stock has been performing today and from the last few months. At the time of writing, IRESS Limitedâs stock is trading in red, and the stock price is $12.26 per share which implies an intra-day fall of A$0.80 per share or 6.126%. The market capitalization of IRESS Limited is ~$2.26 Billion. In the past six months, the companyâs stock had delivered the return of -3.26% while in the time span of previous 3 months, the companyâs stock had given the return of 20.26%. However, in the period of the previous one month, the stock of IRESS Limited had delivered a return of 11.43%.
Now, we would be looking at how ASX Limitedâs stock has performed today and how this companyâs stock has been performing in the recent past. Today (i.e. February 26, 2019), the stock of ASX Limited ended the session in red as the stock price witnessed a downfall of A$2.10 per share or 2.959% to close at A$68.87 per share. The market capitalization of ASX Limited stood at ~$13.74 billion. As per the Australian Securities Exchange or ASX, the companyâs annual dividend yield happens to be 3.15%. Talking about the past performance, the companyâs stock has delivered the return of 5.13% in the span of previous 6 months while in the time period of previous 3 months, the stock had given the return of 17.79%.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
