Pioneering spirit lives on with AssetWare listing
One of the pioneers of on-line financial services in Australia, AssetWare, is poised to become the country's largest independent research group following its proposed listing on the Australian Stock Exchange.
According to director Otto Buttula, the financial planning software and investment research group plans to list as InvestorWeb before June 30.
Buttula says the listing will bring the group's market capitalisation up to about $20 million and will provide extra capital for acquisitions and organic growth. None of the original investors will sell down their stake for the listing.
Buttula remains tight-lipped on the nature of the group's expansion, other than to say it will involve establishing a master trust and further bolstering staff numbers.
The listing is a another major step in the meteoric rise of AssetWare, which started operations less than two years ago. Its managed funds and listed shares research Internet site now has more than 17,000 registrations, while more than 6,000 users visit it each month, making it one of the 50 most popular websites originating from Australia.
AssetWare has also commenced rolling out its financial planning software through the CUSCAL group, which includes Bridges Personal Investment Services and Australia's credit unions. Buttula says other planning groups have expressed interest in converting their software to the AssetWare system.
Under the new structure, AssetWare will become a fully owned subsidiary of the listed vehicle InvestorWeb. Three brokers are in the running to underwrite the listing, with the successful bidder likely to be decided by the end of this month.
Buttula expects most of the shares to be taken up by subscribers to the InvestorWeb service, which will be offered a priority allocation.
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