Powered by MOMENTUM MEDIA
the adviser logo
Broker

Brokerage completes $1m capital raise

by Julianne Leybag1 minute read
Brokerage completes $1m capital raise

N1 Holdings Limited (ASX:N1H) has completed the issue of five million unlisted, unsecured convertible bonds, enabling the company to raise a total of $1 million.

The company — which comprises N1 Loans, N1 Realty, N1 Migration and N1 Venture — first listed on the ASX last year, and in the first half of the 2017 financial year announced that its loan book had grown by 38 per cent to $774 million.

In June 2017, N1 Holdings founder and chief executive Ren Wong commented on the company's capital raises, saying that they have enabled N1 to boost its business.

“Without the capital raise, we wouldn’t have been able to do what we have done — acquire a property management company, break into the real estate space and establish a migration business, [and launch] a car leasing product. To do all this, you need talented people, and you need to give them a proper salary,” Mr Wong said at the time.

At $0.20 per convertible bond, the new capital raise was completed for $1 million, with the total number of convertible bonds on issue increasing from 1.85 million to 6.85 million.

Proceeds of the issue will reportedly be used to "fund potential acquisitions and for working capital purposes". 

[Related: Ren Wong on diversification, customer service and listing on the ASX]

moneyinarow

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

PhilipLowe mb

RBA attempts to curb runaway inflation

On Tuesday (5 July) the Reserve Bank of Australia (RBA) announced at its monetary policy meeting it will increase the...

READ MORE
flood qld suburbs ta

Home loan support offered to NSW flood victims

Widespread persistent heavy rain over large swathes of NSW over the weekend and into Monday (4 July) has caused major...

READ MORE
Dr Jane Rennie CPA

Accountants to decline ‘capacity to repay’ requests

The leaders of CPA Australia, the Institute of Public Accountants (IPA), and the Chartered Accountants Australia and...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more