Snowball raises $2 million for float
The Snowball Group has been requoted on theAustralian Stock Exchange(ASX) after raising $2 million to fund the implementation of the group’s strategy, which includes intentions to acquire financial planning and tax firm, Investment Taxation Specialists (ITS).
Snowball recently reached an agreement with the NSW based ITS group, whereby ITS distribute Snowball branded products.
ITS has nine offices in Sydney suburbs and regional NSW.
Snowball is continuing to perform its due diligence of ITS to make way for the buyout of the financial services and taxation company.
The float will offer 2 million shares at $1, which represents 9 per cent of the issued capital.
Snowball specialty is in the provision of financial planning advice and portfolio administration services for both super and non-super investments.
Snowball’s stock is held by Snowball management, early seed capital investors, several institutions and a number of private investors.
AUTHOR
Lachlan Gilbert
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