Plexure launches A$20m capital raise for Task purchase

Plexure to partly fund its purchase of Australian transaction platform TASK through a capital raise. Photo / NZME

Dual-listed marketing software company Plexure has launched a A$20 million capital raising to partly fund its purchase of Australian transaction platform Task at A50c (NZ52c) a share.

Plexure announced last month that it had entered into a binding, conditional agreement to buy Task for A$120m ($123m) in a cash and scrip deal.

Both the deal and the capital raising will go to a shareholder vote at a special meeting of the company to be held later this month.

Plexure makes loyalty and online ordering smartphone apps for clients including McDonald's, which is a major shareholder.

The capital raising comprises a fully underwritten A$15m ($15.6m) institutional placement to investors in Australia and New Zealand, and a placement of up to NZ$5.2m (A$5m) to existing New Zealand shareholders.

McDonald's has indicated it will participate in the institutional placement, taking up 9.9 per cent of the overall placement, Plexure said.

The placement offer price of A50c represents a discount of 8.3 per cent to the last close on August 31 and a 7.2 per cent discount to the volume-weighted average price over the preceding 10 business days.