Bailador continues to invest in winners.
Monday, 5 June 2023
MEDIA RELEASE
Rezdy enters sale agreement with US PE Fund, BTI to roll its investment at 46% valuation uplift and invest additional $2.5m cash
ASX-listed technology expansion capital fund, Bailador Technology Investments Limited (“Bailador”, ASX:BTI) has today provided the following update on portfolio company Rezdy Pty Limited (“Rezdy”).
On Monday, 5 June 2023, Bailador announced that the shareholders of Rezdy have entered into a binding agreement to sell 100% of shares held in Rezdy to a highly regarded US Private Equity fund (“Buyer”).
This third party transaction is expected to increase Bailador’s equity valuation for Rezdy by approximately $7.1m or 46%, which translates to an NTA per share uplift of approximately 4.9 cents per share. The valuation uplift will be reflected in Bailador’s May 2023 NTA Statement and remains subject to closing process adjustments, including for the level of working capital and net debt (including transaction costs) in Rezdy at closing.
Bailador has elected to roll 100% of its investment in Rezdy into the Buyer’s acquisition vehicle (“TopCo”) and will also invest an additional $2.5 million in TopCo equity as part of the transaction. Bailador has also been invited to join the Board of TopCo alongside the Buyer.
David Kirk, Bailador Co-Founder and Managing Partner, said: “We are very pleased to deliver this outcome for our shareholders. We have worked closely with the Buyer for over 10 months and believe this transaction best positions Rezdy to capitalise on the significant growth opportunities we are seeing in industry. Rezdy has been a strong performer in our portfolio and we are thrilled to be continuing the journey with our new funding partners.”
The transaction is expected to close in June 2023 and remains subject to certain conditions to closing. Bailador will keep the market updated as these conditions are satisfied.
–Ends–
Approved for release by
Helen Foley
Company Secretary
+61 2 9223 2344 [email protected]
Important Notice
Bailador Investment Management Pty Ltd ACN 143 060 511 (‘Manager’) has prepared the information in this announcement. This announcement has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in BTI, nor does it constitute financial product or investment advice, nor take into account your investment, objectives, taxation situation, financial situation or needs. Any investor must not act on the basis of any matter contained in this announcement in making an investment decision but must make its own assessment of BTI and conduct its own investigations and analysis. Past performance is not a reliable indicator or future performance.
Bailador Technology Investments Limited
Level 20, 20 Bond Street, Sydney NSW 2000 A.C.N. 601 048 275
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