Rubik Financial Limited’s $68 million scheme of arrangement with Swiss software group Temenos


Gilbert + Tobin has advised Rubik Financial Limited (Rubik) on a scheme of arrangement with Temenos Group AG (Temenos). If the scheme is implemented, Temenos will acquire all of the shares in Rubik for $0.1667 cash per share, which represents a 52% premium to Rubik’s last closing price before the announcement. The offer price values Rubik’s equity at approximately $68 million on a fully diluted basis.

Rubik’s Board of directors have unanimously recommended that Rubik shareholders vote in favour of the scheme, in the absence of a superior proposal, and subject to the independent expert concluding that the scheme is in the best interests of Rubik shareholders.

The scheme has already received strong support from Rubik’s three largest shareholders, who have informed Rubik that they intend to vote their shares in favour of the scheme, in the absence of a superior proposal, and subject to the Rubik directors maintaining their unanimous recommendation to shareholders to vote in favour of the scheme.

Rubik is a leading ASX-listed fintech company, delivering innovative banking, financial services and collections software solutions in Australia, Asia and the Middle East. Rubik and Temenos have enjoyed a strong relationship for a number of years and their coming together is expected to create a leading player in the fast growing Australian financial software market.

The Gilbert + Tobin team was led by Corporate Advisory partners Adam Laura (Picture) and Tim Gordon, assisted by lawyer Lucy Hall.

Involved fees earner: Adam Laura – Gilbert + Tobin; Tim Gordon – Gilbert + Tobin; Lucy Hall – Gilbert + Tobin;

Law Firms: Gilbert + Tobin;

Clients: Rubik Financial Limited;