Fifth ASX ATM play on the starting blocks

Oakajee Corporation, a small cap mining firm, said it plans to buy and list EZE ATM through its subsidiary Oakajee Investments Ltd. Oakajee announced the plan to the ASX on Thursday.

EZE ATM operates 86 automatic teller machines at present processing 650,000 transactions a year according to Oakajee. It said average net revenue per transaction at present was greater than $1 on a fee of $2.

Oakajee Investments will seek to raise A$3.4 million in new capital through an ASX listing. Oakajee Corp will own 27.5 per cent of the firm following the listing and the vendors of EZE ATM will own 25 per cent.

Oakajee Investments will be the fourth listed ATM play on the ASX if it proceeds after Customers (the dominant force in the industry), iCash Payments, MyATM and GRG (with the latter three all niche operators).

The plan is also one of a minor flurry of fringe banking services efforts emanating from Western Australia, alongside the attempt by Patersons Securities to take a controlling stake in Goldfields Credit Union and Australasia Consolidated taking control of EMerchants.