Rent.com.au launches Entitlements Issue to raise $2.5 million

Rent.com.au Limited (ASX: $RNT) has announced the launch of a fully underwritten Entitlements Issue to raise approximately $2.5 million, with gross proceeds primarily directed towards sales and marketing of RentPay. The Entitlements Issue will offer 1 new Share for every 5 Shares held at the record date for the offer, along with one free Attaching Option for every two Shares subscribed for.

Executive Commentary on Entitlements Issue

Through our sales team activity we've built an existing, strong pipeline of sales opportunities that we're progressing at the same time as continuing to generate new sales through exhibiting at conferences and leveraging industry partnerships such as the one we have with MRI Software, owner of Property Tree which is used by more than 4,200 real estate agencies across Australia.

Summary of Rent.com.au Entitlements Issue

Rent.com.au (ASX: $RNT) has launched a fully underwritten Entitlements Issue to raise approximately $2.5 million, with strong support from directors and management committing to take up their entitlements totalling approximately $260,000. The funds raised will be primarily applied towards sales and marketing of RentPay, which has over 9,000 active customers and has facilitated over $250 million in rent payments. The Entitlements Issue will offer 1 new Share for every 5 Shares held at the record date for the offer, along with one free Attaching Option for every two Shares subscribed for. The underwriting by RM Corporate Finance and the commitment from the board and management reflect the company's confidence in its position and the potential for capitalizing on the strong sales pipeline. The indicative timetable for the Entitlement Issue has been provided, subject to ASX Listing Rules, with the company reserving the right to extend the Closing Date by giving notice to ASX prior to the Closing Date.