Receipt of Firstmac Proposal
The Firstmac Proposal was expressed to be subject to a number of conditions, including:
- Immediate cancellation of the Finsure Transaction;
- Goldfields Money Board support;
- Goldfields Money shareholder approval; and
- Execution of formal documentation including no shop, no talk, no due diligence and fiduciary exemption clauses.
The Goldfields Money Board (other than John Kolenda given his personal interest in the matter) considered the Firstmac Proposal in accordance with their duties and having regard to the Share Sale and Purchase Agreement that governs the Finsure Transaction, which includes no shop, no talk and no due diligence provisions. The Goldfields Money Board did not consider the Firstmac Proposal to be in a form capable of acceptance or warranting further investigation. The Firstmac Proposal lapsed at 11am Brisbane time on 2 August 2018.
Goldfields Money will continue to keep the market informed of any material developments in relation to the Firstmac Proposal and the Finsure Transaction in accordance with its continuous disclosure requirements. Goldfields Money shareholders do not need to take any action in relation to the Firstmac Proposal at this stage.
The Goldfields Money Board remains fully committed to acting in the best interests of, and maximising value for, all Goldfields Money shareholders.
Goldfields Money's financial adviser is Azure Capital and its legal adviser is Lavan.
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. We get you.
Goldfields Money Ltd