I'm not sure anyone else noticed but when you have big names (Sophisticated Investors) backing the company then it starts to look to be a good buy because these guys know when there's storing potential to make money.
"Rent.com.au has successfully completed a $5.46 million capital raising so it can build a mass market brand profile.
Among the investors in the dedicated rental property website is Bill Moss, a former head of property at Macquarie Bank. Another is Charles Tarbey, chairman of real estate agency Century 21 Australia. The size of their holdings aren’t known.
Mark Woschnak, RENT’s managing director, says the capital raising reflects the momentum building in the business.
“We received a higher than expected level of take‐up of the rights issue from existing shareholders, which resulted in significant excess demand from the institutional and sophisticated investors who underwrote the offer,” he says."
Woschnak took up his entire allocation in the recent raising and no doubt sophisticated investors snapped up a large allocation from the shortfall. The signs are looking a lot better for rent.
I still currently hold my free carried parcel.
RNT Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
