DomaCom Financial Report; $1.3m Government Grant, $7.3m IPO & Approved Investment Rating

DomaCom has just released some exciting news in relation to their Financial Report in regards to their Half-Year Ended with a list of achievements from the company. One of the company’s major achievements would be listing on the Australian Securities Exchange (ASX) during November, 2016. This attracted a raise of $7.3 million as part of the initial public offer (IPO).

KEY TAKEAWAYS:

• Management fees increased by 65% during the last 6 months from $13.7 million as at 30 June 2016 to $22.6 million as at 31 December, 2016.
• The company received a $1.3 million government grant (as anticipated) during the last quarter in accordance with its Research and Development claim for the year ended 30 June 2016.
• The company completed a restructure of the proposed cost base of the company in line with the revised Supplementary Prospectuses issued prior to our listing in November 2016.
• The DomaCom Fund received an “Approved” investment rating from one of Australia’s most awarded research houses, Lonsec. This Lonsec rating is expected to be a major driver of growth in Approved Product Listings over the 2017/2018 years.
• DomaCom announced a distribution agreement with SuperConcepts

The current business strategy in which DomaCom is hoping to achieve is increasing their funds under management by:

• Working to engage the dealer groups who have approved the DomaCom Fund and not yet used our product so that we can increase the number of advisers who are doing business with us.
• Leveraging off the Lonsec research rating and the SuperConcepts deal to enable the company to attract new dealer groups using our fund.
• Quickly expanding our product range following the amendment to our AFSL, this includes leveraging the opportunity with Prodigy and corporate bonds.
• Working with ASIC to amend our ASIC Relief instrument to allow the company to offer an equity release product for the Australian Retiree market.
• Working with the ATO to confirm the treatment of the DomaCom Fund within the Superannuation Industry.

DomaCom Ltd is a unique ASX listed Fractional Property Fund in Australia that utilises’ a crowdfunding platform in which allows investors to pool together, to acquire property of their choice.  Through the Company’s fund, investors are able to purchase part of any property type. Currently, DomaCom have 33 properties in the fund and 18 acquisitions in progress, DomaCom is well established although is still managing to create waves in the market.