Amaysim reports half-year results ahead of preparation to delist by the end of March

Shareholders are being urged to accept the unconditional off-market takeover from investment firm WAM Capital.

Amaysim has reported its 2021 half-year financial results, which comes following the sale of its energy and mobile businesses, as well as currently being subject to an unconditional off-market takeover offer from investment firm WAM Capital.

For the period to December 31, the mobile virtual network operator saw net profit after tax from discounted operations come in at AU$6.5 million, up 65% from last year's AU$3.96 million.

Total revenue came in at just over AU$200 million, which was AU$44 million lower than the corresponding period last year. Of that, mobile revenue made up AU$112 million.

During the six-month period, the company provided mobile plans to a subscriber base of over 1.2 million.

Amaysim finalised the sale of its mobile business to Optus for AU$250 million on February 1. The company said the sale was "in the best interests of shareholders and superior to other interest in the business, including the value that the tender submissions in progress were expected to deliver".

During the half-year, Amaysim also finished up the sale of its energy business to AGL. Part of the all-cash AU$115 million was used to repay AU$53 million in debt.

Following both sales, WAM acquired a controlling stake in Amaysim on February 11, and as of February 19, WAM's holding was 56.67%.

Amaysim said as part of the takeover offer, WAM has offered shareholders the option to receive cash; shares in WAM; or a combination of both as payment for their shares in Amaysim.

"Following the sale of the energy business in September 2020 and the completion of the sale of the Mobile business on 1 February 2021 the Board's focus is to encourage shareholders to accept the WAM offer, to complete the distribution of the proceeds to shareholders and to wind-up and de-list the company with de-listing expected to occur on 31 March 2021," Amaysim said.

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