Australian Small Scale Offerings Board Limited (ASSOB) is pleased to announce the details of a proposed merger between the company and Appollo Assets Limited. The Australian Small Scale Offerings Board, a platform designed to assist early-stage and unlisted companies raise capital, today announced an agreement to merge with Appollo Assets Limited (NSX:AAW), a specialist investment company.
ASSOB Managing Director, Brookes McTavish said, “We’re very pleased to announce this proposed merger between ASSOB and Appollo. With Appollo’s access to capital and ASSOB’s strong growth, our plan to join forces to roll-out a sophisticated investment banking organization to deliver services to high-growth, unlisted companies in Australia, means we both achieve our goals more quickly,” she said.
“Small to medium-sized businesses provide more than 40% of Australia’s GDP and employ more than 90% of Australian workers, yet they’ve traditionally had less access to investment capital than larger companies. It is this inequity that ASSOB addresses”
ASSOB assists unlisted companies to raise capital through the origination, aggregation and sale of their securities. ASSOB Members use the capital-raising provisions of the Corporations Act, 2001 and pass ASSOB’s exemption under Class Order 02/273 to companies with Offers listed on the Board, allowing them to bring their investment opportunities to the attention of interested investors. ASSOB also provides a website where shareholders can sell/transfer their holdings in unlisted companies to interested purchasers.
Appollo chairman, Colin Archer, said “Together, Appollo and ASSOB will be able to further develop investment in unlisted companies in Australia, especially those innovative early stage companies that find it difficult to raise capital for their growth. With the demise of many of the government grants and the still-embryonic Australian VC industry, these companies have had few alternatives but to go offshore for capital, until ASSOB.”
Subject to the merger being approved by shareholders of both ASSOB and Appollo, they intend to develop their joint plans as “Start Securities Group Limited”, a group of companies providing corporate advisory, funds management and angel investment services, as well as the Australian Small Scale Offerings Board capital raising platform. The group will particularly focus on innovation, especially in the sustainable and clean-tech sectors.