First Capital fund raising for expansion
Publicly-listed financial services group First Capital Group Limited has received shareholder approval to complete a number of actions aimed at growing its brand and presence in the market.
The company announced this week that it had received shareholder approval for the issue of shares as part of its purchase of a New Zealand residential development, Sydney-based SMA funds manager Explorer Group Limited, and the acquisition of 19.9 per cent of wealth seminar group Empowernet Digital.
The shareholders also approved the raising of up to $20 million to assist with current and future acquisitions.
First Capital managing director Les Freeman said the company planned to create a nationally-recognised umbrella brand for a broad base of financial products and services.
“These plans, having received the full support of shareholders, will now come to fruition,” he said.
AUTHOR
Mike Taylor
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