News & Media
24th February 2022
Credit Clear gains new chairman, completes final capital raising stage of ARMA acquisition
Digital receivables management company Credit Clear (ASX: CCR) has appointed a new chairman after completing the final stage of a $29.5 million capital raising to fund its previously announced acquisition of Australasian debt collection entity ARMA Group Holdings.
Hugh Robertson has joined Credit Clear’s board a non-executive chairman to support the company as it continues its growth strategy.
Mr Robertson has more than 35 years’ experience in financial services and equity markets.
He is currently director of equity capital markets at Bell Potter Securities and has sat on the boards of numerous ASX-listed entities, including AMA Group (ASX: AMA), Centrepoint Alliance (ASX: CAF), Hub24 (ASX: HUB), and OAMPS.
According to Credit Clear, Mr Robertson has been a “strong supporter” of the company for many years. Over the past few months, he has increased his own holding in Credit Clear through the staged capital raising.
Former chairman Gerd Schenkel will remain on the Credit Clear board as a non-executive director.
Mr Robertson’s appointment follows ARMA co-founder Andrew Smith joining as chief executive officer earlier this month.
“With revenue growing to an annualised run rate of over $30 million, and with Andrew Smith as the chief executive officer and Hugh Robertson as chairman, Credit Clear is in good hands and poised for success,” Mr Schenkel said.
Mr Robertson’s appointment with Credit Clear follows a $4 million capital raising, which comprised a share purchase plan and shortfall placement.
The share purchase plan closed last Friday and raised $2.14 million from existing shareholders. A further $1.86 million was raised via a placement to wholesale investors.
Credit Clear says acquiring ARMA enables both companies to provide an “enhanced hybrid offering” to entities worldwide, with services including frictionless digital engagement and empathetic human interactions driven by Credit Clear’s artificial intelligence and data-driven technology.
This article was first published on Smallcaps.com.au.
Image - Credit Clear Chairman Hugh Robertson