By Robert Kirk
Ahead of its impending Initial Public Offering (IPO) DomaCom Limited CEO, Arthur Naoumidis announced this morning that the company has increased the minimum raising to $6 million with the corresponding underwriting commitment also increasing to $6 million to ensure that the minimum is fully underwritten.
The closing date of the offer remains at 19 August.
Mr. Naoumidis disclosed that the company is continuing to work diligently on a number of initiatives including ongoing discussions with a Retail Superannuation Fund to participate in the Kidman transaction being conducted by DomaCom.
“These discussions have progressed to the point that the company believes that the Retail Fund is likely to add the DomaCom Kidman Station to one of their funds with the potential to successfully raise the capital to acquire the land component of S.Kidman & Company. There can, however, be no guarantee that this project will complete,” he said.
Mr. Naoumidis added that DomaCom is also in advanced discussions with a national charity that has a multi-billion dollar land bank including significant land holding bequeathed to the charity. The proposal is to use the DomaCom platform to allow investors to partner with the charity to convert the bequeathed land to affordable housing. Whilst the company believes that there is a good likelihood that this project will complete, there can be no guarantee that it will do so.
“We feel this initiative may appeal to investors also looking for an ethical and socially responsible investment”, he said.
The company can now confirm that with the increased minimum capital raising and the improved outlook for significant transactions, its modelling does not show any need to raise further capital in the next 2 years. Specifically, the company confirms that it will have sufficient capital to carry out its stated objectives.
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