Pushpay (PPH) in trading halt to facilitate sell down

Summary

• Pushpay (PPH) granted a trading halt by the NZX and ASX in wake of the bookbuild to be conducted on Tuesday, 15 December 2020.     
• The sell down of securities includes bookbuild to allow for the sale of 54.68 million fully paid ordinary shares or 4.96 per cent of the issued capital.
• The sell down has been fully underwritten at a floor price of NZ$1.75 per share.

Pushpay Holdings Ltd (ASX:PPH, NZX:PPH) has been granted a trading halt by the NZX and ASX in wake of the bookbuild to be conducted on Tuesday, 15 December 2020. The Church donations platform may announce the outcome of the bookbuild prior to the markets opening on Wednesday, 16 December 2020, following which the trading halt will be lifted. On Tuesday, Pushpay had requested ASX for a trading halt pending a sell down by co-founder Christopher Heaslip and executive director and visionary Christopher Fowler.

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In a separate trading update, the Church donations platform said that the securities will remain in halt until the start of normal trading on Thursday (17 December, 2020) or when the announcement is released to the market.

READ MORE: Pushpay Holdings Undergoes Shares Split

Sell down of securities

The sell down of securities includes bookbuild for sale of 54.68 million fully paid ordinary shares or 4.96 per cent of the issued capital. It comprises 41.67 million shares held by interests associated with Chris Heaslip and 13.01 million with Chris Fowler. After the transactions get completed the interests’ stake held by Heaslip will come down to 0.20 per cent from the earlier 4.0 per cent. Similarly, stake held by Fowler will come down to 1.2 per cent from existing 2.4 per cent. The sell down has been fully underwritten at a floor price of NZ$1.75 per share.

The company further said that out of the remaining shares (13.01 million) owned by interests associated with Chris Fowler, 6.51 million shares remain subject to the Lock Up Deed with the company executed and disclosed to NZX and ASX on 13 December last year.

Meanwhile, Pushpay shares closed the intraday trade (AZX) on Monday, 14 December, 2020, at A$1.78, down 0.0100 points, or 0.56 per cent as against the last close on 11 December, 2020. Similarly, shares ended at NZ$1.89, down 1.05 per cent on NZX on Monday, 14 December, 2020.

READ MORE: Pushpay Reports Double-Digit Growth in Operating Revenue