APA shareholder to raise shares to pay off loan
APA Financial Services’ shareholder, QTI Managed Funds, will raise $300,000 worth of shares from its investors for the financial services company to pay off a loan with OneVue. APA owes $260,000 with OneVue.
APA will issue almost six million shares at 1.5 cents per share to QTI to partly pay off $85,800 of the QTI raising.
QTI will take a fixed and floating charge over APA's assets, which will become a first ranking loan after the existing OneVue loan has been repaid. The managing director of QTI, Michael Hackett, will be appointed as a director of APA following the raising.
The loan was meant to be repaid via an offer among its shareholders in late February, including selling part or all of APA’s holding in its controlled entity, Australian Portfolio Administrators. The sale was on condition of shareholder approval before April 30.
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
