Proposed Finsure Merger Update & Strategy
Investor Presentation and Results Release
Summary of H1 FY18
- H1 FY18 marked a return to profitability for Goldfields Money Limited ("Goldfields Money" or the "Company") with a statutory profit after tax of $62,707 and an underlying profit after tax of $362,638 (after accounting for transaction costs incurred in relation to the Firstmac takeover offers and proposed Finsure merger)
- The Company continued growth of its loan portfolio and delivery of the new core banking platform to enhance Goldfields Money's digital banking capabilities. This project is currently at an advanced stage of implementation and the new platform is expected to "go live" in the coming weeks
- A record of $23.8 million new loans were settled in H1 FY18 with total loans under management increasing to $200.5 million, which is reflective of the Company's investment in developing and expanding distribution capabilities
- Major shareholder Firstmac made an unsolicited takeover offer for Goldfields Money in H1 FY18, initially offering $1.12 per share and later increasing the offer to $1.27 per share, which the Directors recommended that shareholders reject. Firstmac's offer expired without a single share being sold to them
- In November 2017, the Company announced a proposed merger with Finsure, with Goldfields Money shares to be valued at an attractive issue price of $1.50 per share to Finsure. Both Goldfields Money and Finsure continue to progress the proposed merger, which aligns with the Company's strategy of building distribution and origination capabilities via a broker led distribution strategy
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About Goldfields Money Ltd
Who is Goldfields Money Limited (ASX:GMY)? We're the little bank that could, the plucky regional credit union who grew into a national, straight-talking, digitally savvy alternative to traditional banking in Australia. We are the new approach to banking in Australia, we're honest, with transparent bank practices and a straightforward approach to you and your money. It's all yours, honestly.
We've had some awesome projects come to fruition this year which make managing your money with us simple. We've replaced our core banking system with the latest, state-of-the-art advancements in banking technology. Think of core banking systems as the beating heart of every banking institution. Some core banking systems currently operating out there are now over 30 years old and layered with patches and workarounds as new technology has evolved, such as; online banking, smartphones, and data security. The replacement of our core banking system makes us better than we were before. Better, stronger, faster.
We are listed on the ASX (ASX:GMY) and regulated by APRA. See the official looking logo below? It means depositors enjoy the same protection as the big banks with deposits guaranteed by the Australian Government for up to $250,000 per customer (including business accounts). You can read more about us at www.goldfieldsmoney.com.au
From everyday savings and investment accounts, business accounts, personal loans or home loans Goldfields Money offers uncomplicated banking products to suit your situation. Our promise is "All yours, honestly".
Goldfields Money Ltd