About FRR Corporation Limited
The Company wishes to advise that it has changed its name to Rhype Limited. The ASX ticker code for the Company will accordingly change to “RHP”. The effective date for these changes will be 9 April 2014.
In March 2013 the Company appointed a highly qualified executive team and board with over 30 years’ private equity investment experience to accelerate the transformation of FRR into a high growth and strong cash-flow generating business. In addition to developing the Company’s contract services business, including the recently acquired accommodation rental operation, the new board intends to pursue acquisitions in high growth sectors.
As part of the board’s vision to transform FRR into a high growth business, the Company has engaged Mr Julian Knights, founder of Ironbridge Capital, and Michael Everett, recently retired as Managing Director and Co-head of the Financing Group within Investment Banking Division of Goldman Sachs Australia, to join the FRR Advisory Committee to assist the board in generating and reviewing acquisition opportunities for the Company.
Significant Acquisition of Cloud Centric Software and Service Provider
3 December 2013
FRR Corporation Limited (FRR) is pleased to announce that it has signed a Share Sale and Purchase Deed, subject to shareholder approval and certain conditions precedent, to acquire 100% of the shareholding in Newlease Pty Limited (Newlease), a high growth business offering cloud based subscription software licensing solutions and services.
- Newlease has recorded 5 year compoundrevenue growth of 47% p.a.from monthly subscription software license revenue streams in the Australian, New Zealand and more recently Asian Pacific markets;
- It is a market leader in its field of servicing and licensing IT service providers that sell Cloud basedsubscriptions for IT infrastructure and software to enterprises;
- The new ownership structure will enable Newlease to take advantage of the opportunities that are presenting themselves to grow further in both product and geographical reach;
- The Board and advisory team at FRR adds a wealth of experience to assist Newlease fulfil its future strategy and objectives; and
- Approval and support of the Board of Directors of both FRR and Newlease.
- Acquisition of Newlease via the issue of FRR shares valued at $13.5m;
- Issue of unvested Management Options to proposed new Directors of the Company (that includes key Newlease executives);
- FRR plus Newlease willhave net cash of approximately $2.5million post transaction;
- FRR to be renamed Rhype Limited, which will wholly own Newlease;
- FRR will undergo a capital consolidation after the acquisition of Newlease to meet ASX Listing Rule requirements;
- Changesto the Board to support the new business activity; and
- The transaction is conditional on re-compliance with Chapter 1 & 2 of the ASX Listing Rules and FRR shareholders’ approving the transaction in general meeting.
FRR Services Camp located in Queensland