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Briefs: Money3 completes share placement, Firstfolio gets FIRB tick, ANZ joins forces with Swiss ban

15 November 2013 5:16PM
Payday lender Money3 has completed a share placement of 12 million ordinary shares at A$1 per share. The company said it has had strong demand for loans, and the new capital will allow it to continue growing. It upgraded its earnings guidance for the year to June 2014 from $8 million to $8.5 million. Wilson HTM Corporate Finance was the lead manager for the placement. Embattled mortgage manager Firstfolio has announced that the Foreign Investment Review Board has no objection the involvement of IZN Investments ACE Management in a planned A$50.2 million re-capitalisation of the business. IZN Investments ACE is described as a "US and Korean investment group". Firstfolio has given Commonwealth Bank, its major creditor, an undertaking to raise equity capital and retire debt. ANZ has signed a co-operative agreement with the Swiss private bank, Vontobel, that will allow ANZ to offer its private clients access to Vontobel's investments and other products. In a statement yesterday, ANZ said Vontobel offered sophisticated investment solutions. Vontobel will also act as an adviser to ANZ's global wealth division on matters such as global asset allocation and equity strategy.

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