Connie McKeage
Investment platform and fund services provider OneVue has announced the completion of the first $6.75 million of an $8 million capital raising program.
OneVue chief executive Connie Mckeage said the aim of the capital raising was to fund the business’ expansion post the acquisition of Computershare Fund Services and to create a stronger balance sheet for the group.
“The major investors in the $6.75 million placement are Perpetual Limited and Thorney Investments,” Mckeage said.
“The remaining $1.25 million has been set aside for existing shareholders and OneVue staff, including those new OneVue employees that joined the business as part of the Computershare Fund Services transaction in September.
“We are fortunate to have enormous support from both staff and existing shareholders therefore the balance has already been spoken for.”
Mckeage said the business had interest that far exceeded OneVue’s capital raising target of $8 million.
“OneVue is an SMSF sector participant,” Mckeage said.
“We access the SMSF market via key distribution avenues being intermediaries such as planners and accountants, and third party brands that market direct to consumer. The soon to be launched ASX Managed Funds Service, also known as AQUA II, will provide a third avenue.
“The high calibre of new investors such as Perpetual Limited and Thorney Investments highlights that our belief in OneVue being a market transformational business is increasingly gaining momentum across the financial services industry.
“The key to any business is people. People drive financial outcomes not the other way around.
“We were profitable last year and don’t intend to let go of that bottom line.”
OneVue chair Gail Pemberton said the $6.75 million placement which required shareholder approval received unanimous support.
“The capital raising allows us to focus on further expansion and innovation, and even greater outcomes for existing and prospective clients and partners,” she said.
Currently OneVue has more than 200 advisers servicing clients through its investment platform packages and the business administers over $130 billion through its funds services business that caters to 25 of Australia’s leading financial services organisations.
Mckeage added that OneVue was moving towards an ASX listing in the second quarter of 2014 and that no further capital raising would be required before the initial public offering.
