By Michelle Hammond
Tuesday, 18 December 2012
Press release was as follows ….
SelfWealth, a unique online tool which empowers self-directed investors to compare their portfolio’s performance against those of peers, professionals and the market for one low flat monthly subscription has successfully closed its $1.6 million capital raising via the Australian Small Scale Offerings Board (ASSOB).
The funds raised were completed over four rounds from March 26, 2012 with the initial shares on offer at 3 cents and the Round IV shares offered at 10 cents. In total, twenty-one investors participated in the raising including two senior figures in the SMSF and accountancy fields: Ron Lesh and Peter Jones. Ron Lesh is the Founder and Managing Director of BGL – the leading supplier of administrative software to the SMSF market in Australia. Peter Jones has had extensive experience in building accountancy practices, public company directorships and in the capital markets.
SelfWealth Founder Andrew Ward said “I am delighted with this capital raising outcome for the development of our business. In late 2011, I investigated a number of capital raising alternatives and I decided on ASSOB as the platform enabled us to attract a range of investors in an open and transparent framework with the appropriate governance structure.”
ASSOB Advisor and Springboard Equity National Business Manager Simon Davis said “the $A1.6 million SelfWealth capital raising has been one of ASSOB’s most successful transactions in 2012 which demonstrates the strengths of the ASSOB platform in tough capital market conditions.”
The SelfWealth Ltd (ASSOB code: SWE) solution was successfully released to the market via its website (www.selfwealth.com.au) on Wednesday 24 October 2012. The company will ramp up its distribution to the SMSF sector in the first quarter of 2013 through an exclusive agreement with BGL Corporate Solutions. BGL’s Simple Fund is an award winning software solution used to maintain over 75% of the ~480,000 self-managed superannuation funds in Australia today.
Mr. Ward who has significant experience in the financial services industry stated “I found that many investors were disillusioned with the high fees and commissions paid for services they did not value; therefore we decided to develop a solution offering the services valued by investors for a flat monthly subscription.”
SelfWealth offers a community dashboard, which provides analytics for the entire SelfWealth Community. It also provides a breakdown of performance by various filters and for the first time in Australia, investors can now access an online investing tool which compares their portfolios’ performance against those of peers, professionals and the market.
Self-directed investors are invited to a complimentary five week preview of SelfWealth via the website www.selfwealth.com.au.