ASX-listed Douugh, the award profitable shopper fintech on a mission to empower on a regular basis Aussies to take management of their cash and construct long-term wealth on autopilot, has introduced the launch of its Share Buy Plan, providing current valued shareholders the chance to take part within the Douugh development story with no brokerage, a reduction to market worth and a free attaching possibility safety.
Douugh’s Founder and CEO Andy Taylor stated, “Final month we introduced the mushy launch of our reimagined card resolution, designed to problem and exchange conventional financial institution debit and bank cards out there, with a built-in proprietary rewards providing.
“By way of this function, clients can earn as much as 7% Stockback™ after they Pay Now or Pay Later (PNPL) utilizing their Douugh card. Stockback™ is a cashback rewards program by which we routinely make investments funds into individuals’s chosen managed Portfolio on the Douugh platform.
“Clients also can select to borrow funds and have Douugh advance them on to an exterior checking account ought to they not need to use the cardboard to additionally obtain Stockback.
“With the launch of those new banking options, this brings to an finish the extraordinary funding into product growth, releasing us up now to focus solely on buyer and income development on a considerably decreased price base, placing us on a quicker path to profitability.
“Central to Douugh’s scale up plan is the launch of Douugh Pay. A cost gateway resolution for Retailers to course of funds that shall be routinely debited from a buyer’s Douugh transactional account.
“With the total market launch of those options imminent within the newest model of the Douugh App, right this moment we provide shareholders the chance to take part within the upside of this providing.”
Share Buy Plan particulars
Douugh has introduced a Share Buy Plan (SPP) to boost as much as $1,850,000.
The Firm proposes to supply every shareholder with a registered deal with in Australia or New Zealand as at 7:00pm (AEDT) on 12 July 2023 (File Date) a chance to subscribe for as much as A$30,000 of recent absolutely paid extraordinary shares within the Firm (SPP Shares) by means of a SPP.
The difficulty worth of the SPP Shares shall be $0.0065 per SPP Share (0.65c) (representing an 18% low cost to the 5 day VWAP to the date of this announcement). Eligible Shareholders may even be supplied 1 free attaching possibility (with an train worth of $0.012 (1.2c) and an expiry 3 years from date of subject) for each 2 SPP Shares subscribed for and issued beneath the SPP (SPP Choices).
The difficulty of the SPP Choices is topic to shareholder approval to be sought at an upcoming normal assembly of the Firm and the SPP Shares shall be issued pursuant to a prospectus to be launched to the ASX tomorrow. If shareholder approval shouldn’t be granted by shareholders, the difficulty of the SPP Choices is not going to proceed.
Underneath the SPP, every Eligible Shareholder who held Shares within the Firm on the File Date shall be entitled to amass SPP Shares as much as the worth of $30,000 with out incurring brokerage or transaction prices. While the Firm intends to boost $1,850,000 beneath the SPP, Douugh reserves the fitting to cut back functions beneath the SPP.
The capital raised beneath the SPP shall be used for advertising and marketing and promotional actions for the reimagined card resolution in addition to further working capital, administrative bills and the prices of the provide. The SPP Shares to be issued will rank equally with current Douugh shares.
