IQUAD to list on ALTx

Financial service group IQuad has confirmed its intention to list on the JSEs ALTx next Wednesday, August 8th.

A leader in the specialist field of government investment incentives and treasury risk management, IQuad boasted revenues of R47 million for the year ended February 2007 with profit after tax at R12.8 million and headline earnings of 56 cents per share. Headline earnings per share for 2008 have been forecast at 63.2 cents per share and 78.5 cents per share for the year ended 2009. 

Following the identification of a niche in the market for specialist service companies, IQuad was formed in 2006 through a merger between PSG Treasury Outsourcing and the Indevco Group.  In addition to its investment incentives and treasury risk management services, its 90 strong specialist staff provides business optimisation services and products and specialist audit and verification services, including BEE verification.

Approximately 73% of group revenues are annuity based. 

Commenting on the listing, CEO Trevor Hayter said that there were considerable perception and marketing benefits to being a public company. "We provide high level strategic services to a client base that includes a number of multi-nationals, public companies and industry leaders. Market credibility is key.  We believe being subject to all the regulatory reporting requirements of the JSE will reinforce our credibility in the market," he said.

Ahead of the listing, the company raised R35.4 million through the private placing of 6 million shares. Of these approximately 1 million shares were placed with black empowerment groups. The company's black empowered ownership now stands at 12 percent.  The private placement to non-BEE participants was substantially oversubscribed.