Cuscal shares fall on debut as it reveals top shareholders
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The news: Cuscal shares fell on Monday as the payments company began trading on the ASX under the ticker 'CCL'.
The numbers: Stock in the company, which connects Australian payments infrastructure, fell around 5.6% to $2.36 a share in its first 90 minutes of trading.
It also disclosed its top shareholders going into the IPO which includes the family investment vehicle of Wilsons Advisory chair and former Macquarie banker John Prendiville. He holds slightly more than 1% of the company, or around $4.7 million worth of stock on Monday's valuation.
The company also counts challengers like Bank Australia, Beyond Bank, Teachers Mutual and Police Bank as well as a suite of credit unions among its 20 largest shareholders, who collectively own almost 84% of the company.
The context: Capital Brief revealed last week that the company's partners had helped a Cyprus-based casino gain access to Australian payment infrastructure which compliance experts said highlighted the risks inherent to parts of its business model.
Separately Cuscal disclosed in its prospectus that it was under undergoing a risk management review at the behest of the Australian Prudential Regulation Authority (APRA).
The sources: ASX announcement, ASX announcement
