MyState closes $24.2m raise, recruits director

MyState closed its retail raise on Thursday (24 June), following the institutional component of the offer (which raised $11.3 million) and an institutional placement ($20 million).

In total, the bank had raised $55.5 million, which it will place towards its growth strategy.

MyState is set to issue more than 5.6 million shares for retail investors at $4.30 each for the retail raise.

MyState managing director and chief executive Melos Sulicich commented: “We are delighted with the strong support we have seen from existing and new shareholders as we begin the next stage of our strategy to accelerate our growth plans.”

Meanwhile, the bank has flagged a new non-executive director, to commence from next week (1 July).

The new director is Stephen Davy, former CEO and director of Hydro Tasmania. He has also been a senior vice president at Bankers Trust Australia and began his career at Macquarie Bank.

Currently, he is also a director at Shaw Contracting and at Volunteering Tasmania. He has a senior role at UPC/AC Renewables Australia.

MyState chair Miles Hampton said: “Mr Davy would bring a wealth of commercial experience and a detailed knowledge of the finance sector to his role as a non executive director at MyState.”

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.