Afterpay Reshapes Corporate Image
Afterpay Touch shares jumped yesterday after a board and management shake-up which is aimed at presenting new faces to investors and regulators.
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A Reality Check For The Buy Now Pay Later Sector, Or The Beginning Of The Beginning?
The Australian Stock Exchange’s status as the global home of listed buy now pay later stocks is under scrutiny and yet the bandwagon keeps rollin’ on.
Read MoreAPT – Morgans rates the stock as Add
Afterpay Touch is required to appoint an AUSTRAC-approved external auditor to look into its compliance with the anti-money laundering regulations. The company must provide AUSTRAC with a copy of the final audit report within 120 days of the external auditor being engaged.
Read MoreAfterpay Correction Continues
Afterpay Touch shares fell another 6% yesterday as investor disquiet saw another round of selling with more than 4.5 million shares traded.
Read MoreAustrac Spooks Afterpay Over Anti-Money Laundering Laws
A day after consumer credit group, Afterpay Touch raised more than $300 million and the three founders sold shares worth more than $100 million to two US investment companies, the shares plunged 12% after the financial intelligence regulator, AUSTRAC revealed it believes the company had been involved in money laundering.
Read MoreAfterpay Founders Sell Down Into New Capital Raising
And its fund raisings all-around at buy now pay later service Afterpay Touch – the three founders are pocketing at least $100 million from selling some of their shares to two new US investors while the company itself is asking investors for $300 million to fund its expansion into the United States.
Read MoreAPT – Morgans rates the stock as Add
The company has provided key metrics in its Australasian business, along with an update on its expansion in the US and UK. The main positive, for Morgans, was US business, which was substantially higher in terms of sales, merchants, and customers in the second half.
Read MoreTime To Bank On The Small Fry?
Not everything’s going right for the smaller banks, but the findings of the Hayne Royal Commission present a perfect opportunity to woo discontented Big Four customers. Should investors follow?
Read MoreAPT – Morgans rates the stock as Add
The company has reported solid business momentum with strong initial traction in the US and positive trends in Australasia. Morgans found no large surprises in the disclosure but conservatively alters international forecasts for the near term.
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