Goldfields Credit Union may proceed with its plan to demutualise and list on the Australian Securities Exchange early in 2012, more than a year after its original target listing date.
Industry analyst Ian Rogers’ Banking Day newsletter reported that GCU chairman Allan Pendal was buoyant after resolving a series of issues related to the listing with the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.
The newsletter said Mr Pendal was still awaiting clearance from APRA, but had preliminary approval from ASIC for a prospectus to support a capital raising.
Mr Rogers also said GCU had received two offers from large credit unions interested in merging with the Kalgoorlie-based financier, but the board preferred to proceed with an ASX listing.
The plan to list on the ASX has cost GCU $740,000, nearly equal to a year’s profit.
Its listing plan originally revolved around a strategic alliance with stockbroking firm Patersons Securities, giving it access to Patersons’ product distribution and office network, helping GCU to grow its business.
The strategic alliance would allow clients of both organisations to access branded products under a combined company called Patersons GCU –Your Local Banking Choice.
Patersons would also underwrite a $9 million capital raising to expand GCU's capital base to $14 million.
GCU’s Allan Pendal, Bill McKenzie and Leigh Junk would continue in their respective roles on the GCU board.
In Mr Rogers' newsletter Mr Pendal said GCU would continue a "partnership" rather than an alliance with Patersons.
