Scottish Pacific has been promoted into the S&P/ASX 300, the liquid, float-adjusted index that includes Australia’s 300 largest securities by flat-adjusted market capitalisation.
The specialist lender, which focuses on working capital solutions for small- to medium-sized enterprises (SMEs) is now part of Standard & Poor’s and the Australian Securities Exchange (ASX) index, which provides exposure to Australia’s large, mid and small-cap equities.
Scottish Pacific CEO Mr Peter Langham said the company’s entry into the ASX 300 benefits shareholders by introducing the company to a wider range of investors.
“Given investors regularly use the ASX 300 as a benchmark for superannuation portfolios and managed funds, we would expect interest from a broader base of potential investors,” Mr Langham said.
“Scottish Pacific remains well-positioned to grow core exposure and revenue by leveraging our scale to serve the working capital needs of SMEs.
“We continue to grow our business with new products such as progress claim finance and bad debt protection, along with our extensive and specialised product offering in trade and debtor finance.”
The S&P/ASX 300 index covers approximately 81 per cent of Australian equity market capitalisation. This index is designed to address investment managers’ needs to benchmark against a broad opportunity set characterised by sufficient size and liquidity.
Scottish Pacific successfully listed on the ASX in July 2016 at $3.35, with a market cap of approximately $445 million.