The board of embattled Superwoman Group has moved to rebuild the company by entering into a strategic alliance with a third party and examining the potential for a new financial services offering.
The listed financial services company has agreed to a strategic alliance with structured investment and capital protected manager JB Global Investment Services (JB Global).
JB Global intends to explore options to introduce a financial services offering that will create a future revenue source for the company.
“Our group is excited about working with the current board in restoring revenue streams. The recent announcement of Intrasia Capital Pty Limited and FirstMac Limited providing bridging loans shows the commitment of the board to rebuild the company,” JB Global managing director Justin Beeton said.
Under the terms of the agreement, Superwoman directors have signed off on a 10 per cent share placement to JB Global to raise $100,000 through the issue of more than 2 million shares in the company.
The company has entered into a voluntary escrow agreement with JB Global to ensure the shares are not on-sold until 12 months after the date of issue.
“The funds raised will be essential to meet both the current and immediate future obligations of the company,” a Superwoman statement said.
Last week, Superwoman released its quarterly report which showed available company cash stood at $396,000 as at 30 June 2010.
Superwoman has three significant commitments in the form of two office leases and the commitment to maintain capital for the Australian financial services licence of its subsidiary, Superwoman Funds Management Limited, that are constraining its working capital position.
Meanwhile, the Superwoman board has called in ASIC to investigate a related party loan that involves the alleged transfer of more than $500,000 out of the firm by a former company director.
