Shareholders of SmartPay, the New Zealand EFTPOS terminal company, have voted in favour of a capital raising program that will lead to it listing on the Australian Stock Exchange.
Shareholders were offered 11.5 NZ cents apiece under a plan to raise up to $NZ13.5 million ($A10.68 million) capital and list on the ASX by the end of the year. It will remain listed in the NZX.
"We are already seeing the early signs of the benefits of the restructure reflecting in the business," chief executive Bradley Gerdis said in a statement.
"In Australia, our growth pipeline continues to build but progress to date has been restrained by the previous lack of capital and resource.
"With our funding now in place we can now start to resource to execute on these opportunities."
SmartPay announced in May it was appointing a new chairman, Australian businessman Ivan Hammerschlag as chairman.
Mr Gerdis also joined the board as managing director.
In February, SmartPay ditched its securitisation funding model in favour of conventional bank funding in a bid to cut costs, saying its full-year earnings before interest, tax, depreciation and amortisation would miss the $NZ7.2 million ($A5.70 million) guidance issued in December.Shares in SmartPay are trading at 12.5 NZ cents.