AFS looks to capital raising and listing

mortgage/australian-securities-exchange/australian-financial-services/chief-executive/advisers/

4 March 2008
| By Mike Taylor |
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Peter Daly

Dealer group Australian Financial Services (AFS) has vowed to continue an aggressive growth strategy in 2008 including moving to a listing on the Australian Securities Exchange and undertaking a capital raising in May.

The company’s chief executive, Peter Daly, said the company was now ready to undertake the next phase of growth and a public listing.

However, he said that two key elements needed to be in place for any public listing to be successful — a demonstrated history of sustained profits that would increase in the future and dividend growth.

Looking at the company’s immediate strategy for 2008, Daly said acquisition of like-minded dealer groups that were a cultural and business fit with AFS would be pursued, including niche positioned businesses that would add value.

He said that AFS was also looking towards procurement of a mortgage and finance aggregator.

Daly said the company intended to complete a capital raising in May, which it believed would enhance its position with advisers, practice managers and the marketplace.

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