Executive chairman of managedaccounts.com.au Don Sharp told InvestorDaily earlier this month the company initially expected to commence trading Thursday 15 May but was delayed following ASIC’s rejection of its first prospectus.
Mr Sharp said in an ASX announcement that he was overwhelmed by the support for the IPO, with the company raising 50 per cent more than the minimum subscription.
“Through this listing we now have access to additional capital, which will help us to pursue and deliver on attractive opportunities,” Mr Sharp said.
The company stated in its prospectus that it intends to pay an unfranked dividend of 0.8 cents per share on a quarterly basis for financial year 2015.
“This would provide shareholders with a four per cent yield on the offer price of 20 cents per share,” said managedaccounts.com.au.
Mr Sharp said the company now holds over $1 billion in funds under advice and is on track to deliver a pre-tax profit of $324,000 for the 2014 financial year.
The company has also forecast a profit of $1.067 million for the 2015 financial year.
“The company has operated successfully as a profitable private company in the Australian financial services industry and we’ve built a solid platform for future growth,” said Mr Sharp.
