Crowdfunding Campaign Aims to Buy Kidman

22nd April 2016, SMH By Kim Christian

A crowdfunding campaign is confident of trumping a Chinese-led bid for Australia’s largest landholder, S. Kidman and Co, as it taps home-grown sentiment.

Property crowdfunding business DomaCom has received $70 million in pledges as it looks to match or beat a $371 million bid for S. Kidman & Co.

China’s Dakang Australia Holdings plans to acquire 80 per cent of Kidman while Australian Rural Capital (ARC) Ltd is looking to take the remaining 20 per cent stake, subject to approval by the Foreign Investment Review Board.

DomaCom chief executive Arthur Naoumidis said almost 5000 investors had pledged between $2500 and $1 million as they looked to have a “social outcome” from their investments.

“They’re saying I do care about my super fund and my cash needs to give me a return, but I also care about the Australia I leave for my children and this is a transaction I want to be proud of,” Mr Naoumidis told AAP.

“Instead of sitting on the sidelines whingeing about foreigners, let’s put my money where my mouth is.”

Australians should consider whether Kidman would be run as a profitable commercial enterprise which paid taxes in Australia and did not need foreign investment approval, he said.

DomaCom is in talks to raise equity capital for a backdoor share market listing as it ramps up its crowdfunding campaign in the coming weeks.
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