24/01/2012 - 13:27

Regulator gives GCU listing plan green light

24/01/2012 - 13:27

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Regulator gives GCU listing plan green light

Goldfields Credit Union has received regulatory approval for its plan to demutualise, raise $9 million in additional capital and list on the Australian Securities Exchange as Goldfields Money.

The Kalgoorlie-based lender announced today that it had received approval for its proposal from the Australian Prudential Regulation Authority.

Under the plan, GCU members will receive securities in the listed entity, which will be renamed as Goldfields Money, valued at around $2,000 per member, while GCU will also seek to raise $9 million, and will provide its members with priority investment opportunities.

Former Home Building Society chief financial officer David Holden has been slated to become GCU’s new managing director and chief executive upon completion of the plan.

Chairman Allan Pendal, who will continue in his role after demutualisation, said the APRA approval provided a way forward for the lender to become a financially stronger institution.

GCU members will have the opportunity to vote on the demutualisation proposal at a meeting in late March.

GCU is aiming to list on the ASX in early May.

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