DomaCom secures HALO Technologies as cornerstone investor

DomaCom secures HALO Technologies as cornerstone investor
DomaCom secures HALO Technologies as cornerstone investor

Crowdfunding platform DomaCom have announced HALO Investment, a subsidiary of HALO Technologies, as a new investor.

They've subscribed to a placement for $500,000 and has subscribed to a further $700,000 worth of shares at ¢7.42 to take their investment to $1.2 million.

The placement puts HALO's investment at 16,172,507 shares.

DomaCom and HALO have also reached an in-principle agreement for a proposed capital raising.

There's a proposed further placement to HALO for further shares to a maximum of $1.8 million which would take them to over 24 million shares.

On the table is a proposed fully-underwritten non-renounceable rights issue to raise a further $3 million in November 2019 at an issue price of seven cents. The rights issue is proposed to be fully underwritten by Ascot Securities Pty Ltd.

The proposed capital-raisings are subject to execution of binding agreements with HALO and Ascot, which is expected to occur on or around Monday 30 September 2019. 

The total amount to be raised by DomaCom during this recapitalisation process is expected to be approximately $6 million and will be used to fund DomaCom’s continued growth including investment in its platform, growing sales in the accumulation and retirement markets via its innovative products and general working capital requirements.

 Arthur Naoumidis, DomaCom CEO, said that following the completion of the proposed capital raisings, DomaCom will be able to focus on building revenue by growing their funds under management.

"This has occurred at a pivotal time for our business as all our key products are now operational after 7 years of development," Naoumidis said.

“In addition to helping address our balance sheet, DomaCom has also secured a well-known financial services B2C channel for its fractional property product using the DomaCom Platform and this includes appointing HALO Technologies as Prime Broker exclusively for our secondary market.”

On completion of the capital raising transactions, DomaCom proposes to appoint HALO’s CEO Matthew Roberts and George Paxton to the board of DomaCom Limited as non-executive directors.

“We are very excited to be able to partner with this very innovative business and to be able to use our extensive investor distribution and tech capability to accelerate DomaCom’s growth and achieve a mutually beneficial outcome”, Roberts said.

“With over $2bn in Funds Under Advice in client portfolios uploaded on to the HALO platform and ownership of the MacroVue platform, through our many synergies, we believe that we are well positioned to drive the B2C and B2B distribution of both DomaCom’s secondary market and property syndications.”

 

 

 

Tags: 
Investor Lending Domacom

Comments

Be the first one to comment on this article
What would you like to say about this project?