Granted, these things should be considered a marathon rather than a sprint, but in the opening stages of trade, health and fitness provider Viva Leisure has come out of the blocks nicely.
Having so far peaked almost 15% above the ask, at $1.14, VVA is currently sitting a touch under $1.10. To be fair, there’s only been a little volume so far, but early signs are positive that we should see a gain registered at close of trade on day 1.
Used of the proceeds is varied, the prospectus states funds will be “used to fund the execution of the Company’s business model and expansion opportunities, working capital and pay the costs of the Offer.
The Company aims to provide a combination of capital and income returns to Shareholders and has established a dividend policy targeting distribution to Shareholders, subject to the operating needs of the Company, of between 40% and 60% of NPAT with dividends expected to commence in FY2021.”
Keep tabs on the Scorecard moving forward.