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Peoplebank now Australia’s Largest IT&T Recruitment Powerhouse
Peoplebank Australia Limited’s (ASX: PBA) General Meeting this morning passed both resolutions presented to its shareholders in order to provide funding for the Ambit acquisition as announced in a press release dated 17th December 2007(attached below for your convenience). Resolutions were passed on a show of hands with voting of proxies at 99.5% in favour of the resolution.
Leon Lau, Peoplebank’s Managing Director, told shareholders that the Board had been working towards the Ambit acquisition for 12 months. The union of the two companies provides a foundation upon which to build a great company. Lau continued that with the integration of the two businesses, Peoplebank has a leadership team unparalleled within the recruitment industry. Peoplebank is also number 1 in all states and territories for IT&T recruitment with over 3500 contractors and a database of over 200,000 candidates.
Lau highlighted the importance of the database in a skills short market in which candidates do not apply as readily to job advertisements. Peoplebank’s finely tuned database is an essential tool to network amongst Australia’s top IT&T professionals. Peoplebank has developed several talent pools of highly sought after IT&T professionals and with the additional Ambit candidates, these talent pools have significantly grown.
Shareholders also stand to benefit from this with Peoplebank’s market capitalisation now over $100M. This may mean a re-rating for Peoplebank’s trading multiple, allowing for a broader category of potential investors to invest in Peoplebank shares.
The meeting concluded with Mr Lau announcing Peoplebank’s integration of the two businesses, “Project Oneteam”, that commenced planning in early January. This plan will now implemented. Project Oneteam covers Peoplebank’s entire business and aims for a smooth transition of both company’s staff, clients, contractors and candidates.