Rubik shareholders mull acquisition by Geneva fintech

The directors of ASX-listed fintech company Rubik Financial unanimously recommended shareholders accept a proposal for the company to be acquired by a Geneva-based software provider.

Under the terms of its binding scheme implementation deed, Temenos will acquire 100% of Rubik shares via a scheme of arrangement for a consideration of 16c per share - Rubik said this represents a 52% premium to Rubik's closing price of 11c on February 14.

Rubik's largest shareholders - Viburnum Funds, LHC Capital Partners and Regal Funds Management, which collectively represent 44% of shares on issue - have all indicated they will vote in favour of the acquisition.

"Having enjoyed a strong partnership with Temenos for a number of years, today's announcement represents a positive result for all Rubik stakeholders," Rubik chief executive Iain Dunstan said.

He added: "It is compelling in that, if approved, the offer delivers a significant premium to Rubik's recent share price and provides certainty of value for our shareholders. If implemented, we believe the scheme will have a positive impact for both our existing clients and prospective clients by providing access to the significant resources of Temenos as a market-leading wealth, banking and finance software specialist."

Temenos chief executive David Arnott also commented, saying: "We are delighted to announce the proposed acquisition of Rubik, which will create a leader in the fast-growing Australian financial software market by combining Rubik's local knowledge and product set with Temenos' global expertise and world-class solutions."

Read more: GenevaRubik FinancialDavid ArnottIain DunstanLHC Capital PartnersRegal Funds ManagementTemenos forViburnum Funds
Editor's Choice
EMMA RAPAPORT
Australian fintech investment in 2016 remained strong despite a 47.2% global slide in fintech investment, according to KPMG International's The Pulse of Fintech report.
JAMIE WILLIAMSON
Almost one in five Australians believe it is extremely important for their investments to be in sustainable companies.
ALEX BURKE
Life insurance ranks the lowest of all insurance types, according to Roy Morgan research.
ALEX BURKE
Northern Trust is working with multiple key stakeholders to launch the first commercial implementation of blockchain technology for the private equity sector.
Videos
Brought to you by
8 FEB 2017
This year marks the 23rd anniversary of the launch of Hunter Hall's Value Growth Trust, a fund that championed ethically-screened global equities investing in Australia. Since then, the fund manager has ...
Get it Daily
Keep up to date, don't be the last to know! Get the Financial Standard Daily Newsletter.
SUBSCRIBE
Products
Pocket investment guides featuring adviser case studies and a glossary.
Investing trends and strategies from the industry’s thought leaders.
Putting the spotlight on investment products that matter.
Expert Feed
Alex Dunnin
FS ADVICE
Taking the risk out of insurance reform
Dysfunctional arguments Americans have regarding their Affordable Care Act remind us how poorly most people understand insurance. Following ...
David Gallagher
FS SUPER
When 'independence' depends on one's political philosophy
I have been struck this past week by the politicisation of the term 'independence' when it is used in the context of superannuation ...
Christopher Page
FS PRIVATE WEALTH
Redefining the family office
While the family office model has traditionally been the preserve of the ultra-rich, this may be changing very soon. Last week, Findex ...
Michelle Baltazar
FS MANAGED ACCOUNTS
When the disruptors are getting disrupted
2017 is going to be another year for the disruptors, including managed accounts providers - but their challengers, too, are not too ...
Featured Profile
Professional Subscription for $295
(inc GST) for 1 year.
SUBSCRIBE
OTHER PUBLICATIONS
FS Advice
The Australian Journal of Financial Planning.
Get the free iPad app
Download the Financial Standard iPad app for FREE.
DOWNLOAD
Link to something jB0FBpLB