Meta Financial (CASH) to Sell 1.56M Common at $21.91/Share; Enters Separate Purchase Agreements
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Meta Financial Group, Inc. (Nasdaq: CASH) entered into separate purchase agreements on August 16, 2012, under which the Company has agreed to sell to investors an aggregate of approximately 1,560,000 shares of the Company's common stock, for total consideration of approximately $34.2 million, or $21.91 per share. The price per share was based on the volume weighted average prices of the Company's common stock on the NASDAQ Stock Market over a recent 20 trading day period.
The Company entered into nine separate purchase agreements with the following investors: an affiliate of Altamont Capital Partners, affiliates of Philadelphia Financial Management of San Francisco, LLC, and NetSpend Holdings, Inc., each of which is an existing stockholder of the Company; an affiliate of Brookside Equity Partners LLC; an affiliate of JTH Holding Inc., parent of Liberty Tax Service; affiliates of Weintraub Capital Management, L.P.; affiliates of Harvest Capital Strategies LLC; and other institutional and individual investors.
The Company will invest at least 90% of the net proceeds from these issuances to further capitalize MetaBank, the Company's wholly-owned subsidiary, which will qualify as tangible common equity and Tier 1 capital, in order to support expected significant growth in existing Meta Payment Systems programs, and the remainder of the net proceeds will be used by the Company for general corporate purposes.
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The Company entered into nine separate purchase agreements with the following investors: an affiliate of Altamont Capital Partners, affiliates of Philadelphia Financial Management of San Francisco, LLC, and NetSpend Holdings, Inc., each of which is an existing stockholder of the Company; an affiliate of Brookside Equity Partners LLC; an affiliate of JTH Holding Inc., parent of Liberty Tax Service; affiliates of Weintraub Capital Management, L.P.; affiliates of Harvest Capital Strategies LLC; and other institutional and individual investors.
The Company will invest at least 90% of the net proceeds from these issuances to further capitalize MetaBank, the Company's wholly-owned subsidiary, which will qualify as tangible common equity and Tier 1 capital, in order to support expected significant growth in existing Meta Payment Systems programs, and the remainder of the net proceeds will be used by the Company for general corporate purposes.
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