MDA provider managedaccounts.com.au has started trading on the ASX, despite ASIC’s rejection of its first prospectus pushing it almost three weeks behind schedule.
Speaking to ifa earlier this month, managedaccounts.com.au executive chairman Don Sharp said the company was expected to commence trading on Thursday 15 May, but it was pushed back after the publication of a replacement prospectus on April 28.
managedaccounts.com.au will now begin trading under the ASX code MGP following the completion of an approximately $3 million IPO.
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.
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