Bankers have stepped up efforts to end headless chook Tyro Payments’ 2½ year stint on the ASX-boards, pitching the business as a turnaround play to private equity funds.
PE types reckon Tyro Payments has featured prominently in banker pitchbooks since its shares dipped below $2 in February, and news that theRobbie Cooke is the new chief of crisis-stricken casino giant The Star Entertainment Group.The problem now is that Tyro Payments is so bombed out - it closed at a record low 60¢ on Friday, down 80 per cent this year and now out of the SP/ASX200 - that trying to close the bid/offer spread between buyer and board could be nearly impossible.
The whole situation plays out as investors - public and private market types - have been reluctant to delve into Tyro Payments for fear of rising interest rates, a softening economy and what the combination of both could do to the health of Australian consumers. There’s also the wider market sell-off in fintech and payments groups, which has savaged valuations across the sector.
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