News and Announcements
LatAm Autos Raises $10 Million
- Published April 13, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Online Car Retailer, LatAm Autos Limited (ASX:LAA) has raised $10 million and is set for a return to the ASX boards, sources said on Wednesday April 12, 2017.
It is understood that a group of private investors, including board member Simon Clausen and Michael Fitzpatrick, have tipped into a convertible note which will bankroll the South American-focused automotive classifieds by business through to a break-even position in the third-quarter 2018.
KEY TAKEAWAYS:
- LatAm operates in Argentina, Mexico, Ecuador, Peru, Panama and Bolivia
- Strategic review concluded to focus on Mexican and Ecuadorean markets.
- Which gives it a US$685 million target market.
- The company was founded in 2016 by Australians, Tim Handley and Gareth Bannan who set out to create a regional platform by aggregating online auto classifieds companies.
Funding for the updated strategy has been secured through the fully underwritten A$10m convertible note issuance, which is expected to provide the necessary capital for LatAm Autos to reach cash flow breakeven.
LatAm Autos continues to progress discussions and proposals from strategic parties interested in acquiring selected country specific operations of LatAm Autos. The Company continues to assess the merits of the proposals and has made a decision to retain and invest into its Mexican and Ecuadorian businesses which it believes presents the best opportunity for shareholder value creation at the current time.
LatAm Autos is a leading dedicated online auto classifieds and content platform with operations in six countries in Latin America- Mexico, Argentina, Ecuador, Peru, Panama and Bolivia. As early movers in the region’s online auto classifieds industry, LatAm Autos is positioned to capitalise on the shift of auto classifieds advertising from traditional print media sources to online channels.
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