Pie Face appoints brokers for planned IPO
Macquarie Group and CBA Equities will assist Pie Face in its planned listing on the ASX.
According to Pie Face, Macquarie has also been appointed as Financial Adviser to Pie Face for the planned Initial Public Offering.
The Joint Lead Managers will also be assisting the Company to raise up to $10m in a Pre IPO placement to eligible
sophisticated and professional investors.
The Pre IPO is expected to be completed by 30 June 2011.
The IPO is currently anticipated to occur during calendar 2012, subject to a number of factors including market conditions and the progress of the Company in its store roll out and overall business plan.
The current Board of Pie Face consists of Wayne Homschek, Co Founder and CEO; Betty Fong, Co Founder and COO; Adam Davis, Non Executive Director; Angus Geddes, Non Executive Director. The Company today appointed Brian Bickmore as Chairman. Brian is also Chairman of the Photon Group and a Director of oOH! Media Group Limited. He has been associated with the Company since 2003.
The Company has experienced accelerated growth over calendar 2010/2011 year to date:
- Current stores open: 49, up from 22 at the beginning of 2010;
- 15 stores under development currently;
- Same store sales growth of approximately 30% over calendar 2010;
- Consolidated Company revenue of $13.1m in the six months to 31 December 2010 up from $11.7m for the year to 30 June 2010;
- Operating Profit in the quarter to 31 December 2010 of $2.0m up 140% from the prior December quarter;
Given this momentum, the Company believes it was appropriate to appoint the Joint Lead Managers now, in order to be ready to go to market at the optimal time. The Pre-IPO placement proceeds are anticipated to be used for the following purposes:
- Expansion of the Production Facilities;
- Growth Capital (for company store development)
- Working Capital; and
- Refinancing Debt
