Fiducian to list on ASX
Financial planning and master trust group Fiducian is to list on the Australian Stock Exchange on September 7.
According to documents registered with the ASX late last week, Fiducian will seek to raise $22.4 million by selling 60 per cent of the group to the public, valuing the three year old group at $38 million.
Founder and managing director Indy Singh will retain a 27 per cent interest in the group, while the 15 financial planning dealer groups who form part of Fiducian will retain 13 per cent ownership. Former major shareholder AMP Corporation will completely sell its stake in the group in the listing.
The Fiducian prospectus documents profit to June 30, 1999 as $452,000 rising to $908,000 at the end of the last financial year. Profit projections for 2000/01 stand at $1.89 million, rising to $4.1 million in 2001/02.
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