MONTERAY ACQUISITION OF GPEN
Monteray Group Limited (ASX: MRY) today announced its intention to acquire 100 per cent of global pensions administration system company, GPen Pty Ltd.
Monteray, which currently holds a 36.34 per cent shareholding in GPen, expects to acquire the remaining 63.66 per cent of issued capital in GPen subsequent to approval by its shareholders at a forthcoming general meeting.
Monteray Chairman, Graham Halbish, said the board believed that GPen’s advanced web-based software administration platform has the capacity to become a leader in the global superannuation and pension administration industry.
“The GPen platform is unique and has the capabilities to meet the changing requirements of the superannuation industry, both in terms of regulatory changes and the rising demand from members for increased functionality and service from their superannuation fund managers,” Mr Halbish said.
“A major benefit of the acquisition for Monteray is that GPen has contracts in place with Australia’s largest superannuation fund administrator, Superpartners, and a number of substantial superannuation fund managers.
“Furthermore there are ongoing discussions with major Australian and international superannuation and pension funds administrators on the future roll out of the GPen platform.
“Coupled with the fact that GPen now has a strong management team and has established structures and business practices to support the commercial roll out of the technology, we believe that the company will forge ahead and deliver strong returns for our shareholders.”
Kevin Dart, a board member of Monteray and Managing Director of Charter Pacific - an investment company which owns 39 per cent of Monteray - said the acquisition would give GPen the capability to realise its potential to gain a strong market share of the global superannuation and pension administration industry.
“When you consider that in Australia alone approximately $5 billion is spent annually in administering members’ accounts, there is a tremendous opportunity for growth in GPen” Mr Dart said.
About GPen Pty Ltd
GPen Pty Ltd was formed in 2000 to market and roll out the GPen System, a web-based system that manages the member record administration process for the operation of retirement, superannuation and pension schemes. The GPen system delivers greater flexibility and efficiency to administering superannuation account records and reporting to members. GPen comprises a group of experienced IT professionals, with strong backgrounds in the management and systems of financial services companies, most particularly in the retirement savings and insurance industry.
About Monteray Group
Monteray is a listed investment company on the Australian Stock Exchange. Since 2002, Monteray has provided capital to GPen Pty Ltd in return for issued capital. Monteray currently holds a 36.34 per cent in GPen Pty Ltd. Monteray’s largest shareholder, Charter Pacific Corporation (ASX: CHF), holds a 40 per cent share in the company.
About Charter Pacific
Charter Pacific Corporation is a diversified investment company that listed on the Australian Stock Exchange in 1989. Today the company invests in a diverse range of listed and unlisted entities across a broad range of industries. Its current investments include: ChemGenex Pharmaceuticals (ASX: CXS), Global Markets Capital Group (New York Investment Bank) and Monteray Group (ASX: MRY)