Onevue announces $6.75 million capital raising
Fund services provider Onevue has raised $6.75 million of an $8 million capital raising program.
Onevue chief executive Connie Mckeage said the company is raising capital to fund the business' expansion after the acquisition of Computershare Fund Services and to create a stronger balance sheet for the group.
"The major investors in the $6.75 million placement are Perpetual and Thorney Investments," Mckeage said in a statement.
"The remaining $1.25 million has been set aside for existing shareholders and Onevue staff, including those new Onevue employees that joined the business as part of the Computershare Fund Services transaction in September."
Onevue chair Gail Pemberton said the $6.75 million placement, which required shareholder approval, received unanimous support.
"The capital raising allows us to focus on further expansion and innovation, and even greater outcomes for existing and prospective clients and partners," she said.
McKeage said Onevue was moving towards an ASX listing in the second quarter of 2014, adding no further capital raising would be needed before the initial public offering.
She said the business had interest that exceed Onevue's $8 million capital raising target.
"OneVue is an SMSF sector participant," Mckeage said.
"We access the SMSF market via key distribution avenues being intermediaries such as planners and accountants, and third party brands that market direct to consumer. The soon to be launched ASX Managed Funds Service, also known as AQUA II, will provide a third avenue.
Recommended for you
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
There has been a 16.3 per cent rise in the wealth of Australian billionaires this year to over $200 billion, UBS finds, as Australian advisers shift their offerings to meet this expansion and service their unique needs.
AZ NGA is looking to triple in size over the next five years as US investment giant Oaktree completes its $240 million investment in the professional services company.
