Thursday, June 2, 2011
The Australian Small Scale Offerings Board (ASSOB), Australia's unique capital raising platform for equity raisings for smaller companies, has set itself the target of helping 100 companies to raise up to $100 million in the 2011-12 financial year.
Conceived more than 20 years ago as an innovative mechanism for companies to raise equity capital, ASSOB has begun to accelerate its growth of new capital raisings in the past five years, having helped more than 200 companies to obtain in excess of $130 million in new equity capital during that time.
The CEO of ASSOB, Paul Niederer, commented that the GFC had exacerbated the difficulties that small companies faced in obtaining finance from traditional sources. "Unless you had an asset such as a house with which to anchor your loan, the banks were simply not interested in making non-asset based lending to smaller businesses. In effect, if business owners did not have a physical asset as collateral for a loan, they have generally found banks to be pretty unsympathetic to their financing needs."
ASSOB's capital raising forums will be held in Melbourne on Thursday afternoon, May 19; in Sydney on Wednesday, May 25th; Brisbane June 22nd, Adelaide 5th & 6th of July and Perth 6th & 7th of July.
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