Jayride Group Limited (ASX:JAY) Launches Renounceable Entitlement Offer Amid Leadership Restructuring
Entitlement Offer Details
Jayride Group Limited (ASX:JAY) has commenced a 6 for 1 renounceable entitlement offer, aiming to raise approximately A$4.3 million at an issue price of $0.003 per new share. The offer is partially underwritten by Non-Executive Director Brett Partridge, who commits up to $1 million. Eligible shareholders can participate from 4 March 2025 until the offer closes at 5:00pm (AEDT) on 18 March 2025. The proceeds will be allocated towards repaying the underwriter loan, restructuring costs, offer-related expenses, and corporate working capital.
Leadership Restructuring
In conjunction with the entitlement offer, Jayride has undergone significant leadership changes. Brett Partridge has been appointed as a non-executive director, Randy Prado as Chief Executive Officer, Ram Navaratnam as Director of Finance, and Patrick Campbell as Chief Marketing Officer. Founder Rod Bishop has retired, and Executive Chairman Rod Cuthbert has transitioned back to a non-executive chairmanship. These changes aim to streamline operations, reduce costs, and enhance technological capabilities.
Executive Comments
Chief Executive Officer Randy Prado stated, “I am honoured to join Jayride at this pivotal moment. While the challenges ahead are substantial, they are far from insurmountable. The travel technology industry is a multi-billion-dollar sector, and Jayride is well-positioned to leverage this growth with our revitalised leadership team.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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