AFS looks to capital raising and listing
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.
AUTHOR
Mike Taylor
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
