Count has completed a fully underwritten $25.0 million institutional placement to help fund its planned acquisition of a 75% interest in Skybridge Financial Group. The acquisition still requires ACCC clearance or a notification waiver before completion, targeted for Q3 FY2027.
- $25.0 million fully underwritten institutional placement completed
- 15.9 million new shares issued at $1.57 each
- Offer price set at a 5.4% discount to Count’s 4 November close
- Proceeds to partially fund the 75% Skybridge acquisition
- Skybridge transaction remains subject to ACCC approval or waiver
$25 Million Placement Clears Funding Milestone
Count Limited (ASX:CUP) has completed the $25.0 million institutional placement that will partially fund its proposed acquisition of a 75% interest in Skybridge Financial Group. The fully underwritten raise attracted support from existing investors and selected new institutional investors, according to the company.
Count issued approximately 15.9 million new fully paid ordinary shares at $1.57 each, a 5.4% discount to its $1.66 closing price on 4 November. The new shares will rank equally with existing shares, and the issue was made within Count’s existing placement capacity, meaning shareholder approval was not required. The placement was part of the Skybridge acquisition plan announced the previous day.
Skybridge Deal Still Awaits ACCC Clearance
The capital raising does not complete the acquisition itself. Count expects to complete the transaction in Q3 FY2027, subject to various conditions precedent, including approval from the Australian Competition and Consumer Commission or a notification waiver declaration.
The proposed structure involves Count acquiring a majority interest in a new entity that will hold the businesses operated by Skybridge Financial, Skybridge Management and Skybridge Portfolios. The announcement does not disclose the total acquisition consideration or provide new financial forecasts for the target.
New Shares Set To Enter Trading
Settlement of the placement is expected on 11 November, with the new shares due to be issued and begin normal trading on 12 November, subject to confirmation from ASX. Count shares were expected to resume normal trading from market open on 6 November after the placement process.
For investors, the immediate milestone is now administrative rather than strategic: the new shares must settle and enter quotation before attention turns back to the regulatory gate for Skybridge. Until that condition and the other completion requirements are satisfied, the acquisition remains prospective rather than completed.
Bottom Line?
The funding is secured, but Count’s larger strategic step remains contingent on ACCC clearance and completion of the Skybridge transaction.
Questions in the middle?
- Will the ACCC approve the Skybridge transaction or issue a notification waiver without delaying the Q3 FY2027 target?
- How will the new shares affect Count’s ownership structure and per-share financial measures after issue?
- What acquisition contribution will Skybridge make once Count obtains control?