Wednesday, 26 September 2018 11:19

Xref completes $8m share placement

Xref completes $8m share placement Image courtesy of Stuart Miles at

Australian-listed human resources technology company Xref has successfully completed a $8 million placement of shares to Australian institutional investors.

Xref (ASX: XF1) says it raised the $8 million in response to strong demand from institutional investors and now has significant new investors as shareholders, as well as the continuing support of other institutional investors.

The company has earmarked the funds to support its international expansion, including an ongoing focus on strategic integrations and partnerships and client acquisitions.

Xref will issue 13.3 million new fully-paid ordinary shares at $0.60 per share, a 2.4% discount to the five-day volume weighted average price and a 3.2% discount to Xref’s last traded share price. The placement was managed by Ord Minnett.

Xref says settlement of the placement is expected on 28 September.

Earlier this month, Xref announced sales of $1.3 million for July and August 2018, which it said represented monthly records for the first two months of FY19.

In addition, Xref reported sales of $7.1 million for FY18, up 72% compared to $4.1 million in the previous year and recognised revenue — reflecting usage of Xref credits — was $4.8 million for FY18, up 63% from $2.8 million in the previous year.

“We are delighted to welcome a new significant shareholder and the successful placement has increased the institutionalisation of our register. We are focused on opportunities that will accelerate profitability and this additional capital will support and strengthen our growth in the future,” said Xref executive director and chief executive Lee-Martin Seymour.

Executive director and chief technology officer Tim Griffiths said Xref was targeting increased channel growth, through joint marketing activities with partners – and “the ongoing support for our platform is reflective of the fact that it is highly scalable, fully automated, globally compliant and offers significant return on investment".

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