Latest news with #NZX
Otago Daily Times
9 hours ago
- Business
- Otago Daily Times
Pacific Edge raises $16m in share sale
Pacific Edge has raised $16 million in new equity in a placement of new ordinary shares — $1m more than it sought — after accepting over-subscriptions. On Friday, the cancer diagnostics company announced a $20m capital raise, saying it was about ensuring it had the cash reserves to capitalise on recent clinical and commercial milestones, grow in non-Medicare channels in the United States and regain Medicare coverage of its tests. It comprised a placement of $15m of new ordinary shares offered to selected investors and an offer of $5m of new shares to retail investors, by way of a share-purchase plan. The share issue was priced at $0.10 per share. Yesterday, the company said the placement — which was well-supported by existing shareholders — was completed on Friday and was subject to shareholder approval. It was now targeting the opening of a $5m offer to eligible retail investors at the same per share offer price in July or early August, with the ability to accept oversubscriptions. In a statement to the NZX, chairman Chris Gallaher said the company was delighted with the investor support it had received. The inclusion of Cxbladder in the American Urological Association's (AUA) new microhematuria guideline in February was significant and had allowed the company to view the non-coverage determination differently. "We are leveraging the important AUA guideline to build on the commercial momentum we have already established, including our plans to regain Medicare coverage," he said. Medicare coverage of the company's tests ceased after the Local Coverage Determination (LCD) became effective on April 24. In a note on Pacific Edge's FY25 financial result also released on Friday, Forsyth Barr analysts described it as "relatively uneventful". Revenue was consistent with the firm's expectations and costs were slightly higher than expected. Despite Pacific Edge being adamant for some time it had sufficient cash resources to navigate the LCD uncertainty, the analysts were not surprised by the capital raise. It was the company's 11th equity raise since 2003 — cumulative raises totalled more than $260m — which would take its share count to more than 1billion from just under 10million in 2004. Post-raise, its cash balance would be about $38m ($22.6 million at FY25) and the analysts estimated that was 16 to 18 months of cash on hand. "While this is a supportive lifeline, even in the event of [Medicare] recoverage, we aren't convinced this is the last of PEB's raises," they said. s
Scoop
19 hours ago
- Business
- Scoop
Blackpearl Group Hits $12.5M ARR, Targets $50M Leveraging Multi-product Innovation
Press Release – Blackpearl Group As the AI landscape continues to shift, Blackpearl is not just chasing the future – it's actively building it. The AI opportunity is here and our platform has been purpose-built to capture it.' Blackpearl Group Limited (NZX: BPG) has announced its results for the year ended 31 March 2025, recording an astounding 70% increase in Annual Recurring Revenue (ARR) and sharp rise in average revenue per user, underpinned by a multi-product innovation strategy. With $12.5m in ARR, Blackpearl is positioning not just for $20m ARR but to build toward $50m and beyond. 'Last year, we committed to setting ourselves up for the next stage of growth. We have the potential to be a billion-dollar company and we're creating a portfolio of solutions that balance high-risk innovation with consistent, long-term performance. We're innovating and executing at a pace that's hard for anyone to keep up with,' commented Nick Lissette, Chief Executive Officer. Building for the next stage of growth Lissette believes Blackpearl's success is rooted in an ability to innovate at pace on an ongoing basis. 'Last year, we told investors we would invest in the next stage of growth and we've proven this with the launch of Bebop, an AI-powered sales intelligence tool developed in a single quarter and the most successful beta in the company's history,' he explains. 'We're targeting the SME market in the US with AI-powered solutions that deliver measurable growth. With Pearl Diver firmly embedded and Bebop now live, the next phase of Blackearl's trajectory is dominance,' believes Lissette. Innovation powered by execution Importantly, this innovation has been strengthened by disciplined execution. 'At the same time, we've focused on scaling our core data infrastructure and transitioning to high-value enterprise customers. This has been a powerful multiplier of sustainable growth as we position ourselves for what's next,' comments Chief Financial Officer Karen Cargill. Pearl Engine, the core platform behind Blackpearl's products, has scaled by 210x over the past year and now processes 21 billion rows of data per day. What's more, average revenue per user (ARPU) reached $17.5k, marking a sharp 53% increase over the past six months and subscription revenue is up 91% from FY24. Highlights • $12.5m ARR, up 70% from $7.4m as at 31 March 2024 • $7.7m subscription revenue, up 91% from $4.1m in FY24 • $17.5k ARPU, up 53% over the last 6 months • 68% gross margin, reflecting continued platform efficiency • 17% of revenue from top 10 customers, up from 10% as at 31 March 2024 • Pearl Diver reached ~$10m ARR, only eight quarters after its full launch • Raised $12.5m in growth capital • Officially launched Bebop, following the most successful beta in the company's history Building the future 'As the AI landscape continues to shift, Blackpearl is not just chasing the future – it's actively building it. The AI opportunity is here and our platform has been purpose-built to capture it. We're positioned to lead AI-powered sales and marketing solutions for the US SME market and we're entering FY26 with clear momentum, a disciplined growth strategy and a compelling value proposition for investors,' concludes Lissette.
Scoop
a day ago
- Business
- Scoop
Blackpearl Group Hits $12.5M ARR, Targets $50M Leveraging Multi-product Innovation
Blackpearl Group Limited (NZX: BPG) has announced its results for the year ended 31 March 2025, recording an astounding 70% increase in Annual Recurring Revenue (ARR) and sharp rise in average revenue per user, underpinned by a multi-product innovation strategy. With $12.5m in ARR, Blackpearl is positioning not just for $20m ARR but to build toward $50m and beyond. 'Last year, we committed to setting ourselves up for the next stage of growth. We have the potential to be a billion-dollar company and we're creating a portfolio of solutions that balance high-risk innovation with consistent, long-term performance. We're innovating and executing at a pace that's hard for anyone to keep up with,' commented Nick Lissette, Chief Executive Officer. Building for the next stage of growth Lissette believes Blackpearl's success is rooted in an ability to innovate at pace on an ongoing basis. 'Last year, we told investors we would invest in the next stage of growth and we've proven this with the launch of Bebop, an AI-powered sales intelligence tool developed in a single quarter and the most successful beta in the company's history,' he explains. 'We're targeting the SME market in the US with AI-powered solutions that deliver measurable growth. With Pearl Diver firmly embedded and Bebop now live, the next phase of Blackearl's trajectory is dominance,' believes Lissette. Innovation powered by execution Importantly, this innovation has been strengthened by disciplined execution. 'At the same time, we've focused on scaling our core data infrastructure and transitioning to high-value enterprise customers. This has been a powerful multiplier of sustainable growth as we position ourselves for what's next,' comments Chief Financial Officer Karen Cargill. Pearl Engine, the core platform behind Blackpearl's products, has scaled by 210x over the past year and now processes 21 billion rows of data per day. What's more, average revenue per user (ARPU) reached $17.5k, marking a sharp 53% increase over the past six months and subscription revenue is up 91% from FY24. Highlights • $12.5m ARR, up 70% from $7.4m as at 31 March 2024 • $7.7m subscription revenue, up 91% from $4.1m in FY24 • $17.5k ARPU, up 53% over the last 6 months • 68% gross margin, reflecting continued platform efficiency • 17% of revenue from top 10 customers, up from 10% as at 31 March 2024 • Pearl Diver reached ~$10m ARR, only eight quarters after its full launch • Raised $12.5m in growth capital • Officially launched Bebop, following the most successful beta in the company's history Building the future 'As the AI landscape continues to shift, Blackpearl is not just chasing the future - it's actively building it. The AI opportunity is here and our platform has been purpose-built to capture it. We're positioned to lead AI-powered sales and marketing solutions for the US SME market and we're entering FY26 with clear momentum, a disciplined growth strategy and a compelling value proposition for investors,' concludes Lissette.
Scoop
a day ago
- Business
- Scoop
Pacific Edge Placement Upsized To NZ$16 Million
Note: PEB has released this update to the NZX and ASX as per listing rules.1* Pacific Edge today announces it has successfully raised NZ$16 million of new equity in a placement of new ordinary shares (Placement) — NZ$1 million more than it sought — after Directors resolved to accept over subscriptions.2* The Placement, which was well supported by existing shareholders, was completed on Friday 30 May 2025 and is subject to shareholder approval.3* It was priced at NZ$0.10 cents per share, a premium to the 20-day volume average weighted price (VWAP) prior to the announcement of the company's planned ~NZ$20 million equity issue. Pacific Edge is now targeting the opening of a NZ$5 million offer to eligible retail investors by way of a Share Purchase Plan (SPP) at the same NZ$0.10 cents per share offer price in July or early August 2025 (with the ability to accept oversubscriptions).4 A shareholder meeting to approve the Placement is planned for late July or early August 2025. The Placement and the planned SPP are aimed at ensuring Pacific Edge has additional resources and capacity to capitalize on its recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage of its tests. Medicare coverage of the company's tests ceased after the 'Genetic testing for Oncology; Specific Tests' (L39365) Local Coverage Determination became effective on 24 April 2025. Chairman Chris Gallaher said: 'We are delighted with the investor support we have received. The inclusion of Cxbladder in the American Urological Association's (AUA) new microhematuria guideline in February 2025 is significant and has allowed the company to view the non-coverage determination differently. We are leveraging the important AUA guideline to build on the commercial momentum we have already established, including our plans to regain Medicare coverage.' Pacific Edge Chief Executive Dr Peter Meintjes said: 'The robust evidence emerging from our clinical evidence program is shifting clinical sentiment towards the broader adoption of our tests in the US and further afield and represents a significant opportunity in addition to Medicare re-coverage. We are delighted with the strong support we have received from investors to continue to pursue our plans, and we are looking forward to making the same offer to the remainder of our shareholders via the SPP.' Pacific Edge is advised on the equity raise by Cameron Partners (investment banking advisers), Harmos Horton Lusk (legal advisers) and The Project (investor relations and communications advisers). For further information on the detail and timetable of the equity raising please refer to the announcement and presentation dated Thursday 29 May 2025 and released by NZX and ASX on Friday 30 May 2025. Footnote: 1* PEB has released the information contained in this update to the NZX and ASX as it regards it to be material, as defined in the NZX Listing Rules and Section 231 of the FMC Act. 2* Shareholder approval is required to settle the Placement (i.e., for payment for, and allotment of, the new shares offered under the Placement) given the Placement exceeds Pacific Edge's placement capacity (15% of Pacific Edge's current shares on issue) and due to Related Party participation. The Placement is also conditional on all necessary regulatory approvals. In this regard, the company intends to seek a waiver from NZX Listing Rule 4.19.1 to permit the allotment of shares under the Placement after shareholder approval is obtained. The Placement offer closed on 30 May 2025 for the purposes of clause 21(1)(b)(ii) of Schedule 8 to the Financial Markets Conduct Regulations 2014. 3* See footnote 1. 4* No offer of new shares is made under the SPP unless and until Pacific Edge sends the SPP offer document to shareholders. No money is currently being sought, and new shares cannot currently be applied for or acquired, under the SPP.
Scoop
4 days ago
- Business
- Scoop
Consortium Buyout Of MMH Strongly Supported By Shareholders
Press Release – Joint Media Statement The next step towards implementation is an application to the High Court to be heard on 13 June for final orders from the court to approve the scheme. Assuming final orders are made the scheme is scheduled to be implemented around 26 June 2025. DATE: 29 May 2025 The consolidation of Northland's key infrastructure assets into a single ownership entity took a step closer to becoming a reality today, positioning both Northport Limited and Marsden Maritime Holdings Limited (NZX: MMH) for growth opportunities. This followed a meeting of MMH shareholders who approved the scheme of arrangement ('scheme') involving the buyout of non-Northland Regional Council ('NRC') shareholders in MMH at $5.60 per share by a consortium comprising NRC, Port of Tauranga ('POT') and Tupu Tonu (Ngāpuhi Investments Fund Ltd, or 'TT'). In a joint statement the consortium partners said: 'Ours is an important strategic partnership that enables us to speak with one voice on any development of these key Northland assets. Our consortium represents both Northland locals and investment for iwi and hapū settlements, alongside the expertise of New Zealand's largest and most efficient port operator, POT. Together we look forward to working with the government on solutions that will not only benefit the local community but also New Zealanders in delivering efficient import and export logistics solutions. Substantial investment will be required from all stakeholders to develop Northport and the land holdings of MMH. But today's successful vote is a significant step forward in bringing together a united commercial ownership structure capable of moving efficiently in achieving development goals.' The consortium's $5.60 per share offer was within the value range assessed by independent advisers, Grant Samuel, and entry into the Scheme Implementation Agreement to give effect to the scheme was unanimously supported by the independent directors on the MMH board. At a meeting in Whangārei MMH shareholders approved the scheme paving the way for the delisting of MMH shares from the NZX, and bringing full control of Northport under a single ownership umbrella. Prior to implementation of the scheme in late June 2025, MMH owns 50% of Northport, and POT the other 50%. The shareholding of the consortium comprises, NRC holding 43%, TT 7% and POT 50%. NRC and POT will have equal decision and voting rights. NRC has also committed to set aside a further 7% of its shareholding for other iwi and hapū that could form part of a future Treaty settlement negotiated between iwi and hapū and the Crown, with those shares purchased by the Crown from NRC at market value. Together this provides an opportunity for 14% of Northport to be owned by iwi and hapū of Te Taitokerau. • NRC comments – Geoff Crawford, Chair 'Partnering with POT and TT brings real strength and alignment to this strategic initiative. This is our single largest investment and a hugely important asset for the future of Te Taitokerau. We believe the consortium represents a better way to structure our investment which will over time have improved benefits and outcomes for our region. Importantly, this proposal keeps ownership of the port in New Zealand, gives Northland a bigger stake and influence over the future direction of this regionally significant infrastructure asset, while at the same time further strengthens our strategic partnership with the country's largest port operator. Our investment in the consortium taking over MMH, significantly increases our holding in the port. I note that our contribution to the proposal is not expected to have any impact on rates. We are funding this extra investment through a mix of borrowing and proceeds from non-strategic assets sales.' • TT comments – Ben Dalton, Chair 'We are pleased to be working closely with NRC to ensure that Ngāpuhi interests are reflected in the ownership and future of MMH and Northport. We are excited by the prospects that this new partnership brings. Our participation is an example of the commercial capability of TT to invest in Northland, giving confidence that we are serious about securing an ownership interest in strategic regional assets like the port, for the future, and to ensure ownership remains in the North.' • POT comments – Leonard Sampson, Chief Executive 'We strongly support the rationalisation of the structure and the logic of merging the port with the surrounding land. This simplified structure positions the port operations for any commercial growth initiatives.' Implementation of the scheme The next step towards implementation is an application to the High Court to be heard on 13 June for final orders from the court to approve the scheme. Assuming final orders are made the scheme is scheduled to be implemented around 26 June 2025. Future Port expansion a separate decision While the consortium parties have agreed to work together, at this stage no decisions have been made by the consortium on the future expansion of the port or capital requirements to achieve this. About NRC Northland Regional Council has had a major shareholding in commercial port-related activities in Te Taitokerau / Northland since the 1980's. There have been changes over time, with NRC originally owning 72.3% of MMH (previously known as Northland Port Corporation) – a publicly-listed company on the NZX, but today NRC retains a majority shareholding of 53.6% in MMH. MMH owns 150ha of commercial property in Marsden Point along with a 50% shareholding in Northport Ltd ('Northport'), a deep-water commercial port. Port of Tauranga owns the other 50% of Northport. The change in ownership and control of this strategic asset required public consultation and an amendment to the council's Long Term Plan 2024-2034, which happened in March/April – more information about that process is available at About TT Tupu Tonu is a Crown-owned investment company tasked with acquiring and building a portfolio of commercial assets that can be offered in future Treaty settlement negotiations with Ngāpuhi. To date, Tupu Tonu has invested approximately two thirds of its $150m initial capital allocation in a range of whenua-based and strategic sectors such as infrastructure and energy, primary industries and commercial property. About POT Port of Tauranga (NZX:POT) is New Zealand's largest port and international freight hub. It has container and bulk cargo wharves in Tauranga connected via road and rail to inland ports in Hamilton and Auckland. Its investments include a 50% shareholding in Northport, a 50% shareholding in PrimePort Timaru, a 50% shareholding in logistics company Coda and a 50% shareholding in Ruakura Inland Port.
