DomaCom Australia Ltd (ASX:DCL) has secured an extension to the term of the outstanding $2.95 million Thundering Herd convertible notes to 1 February 2024.
Importantly, the extension improves the financial position of DomaCom in preparation for seeking readmission to ASX quotation.
DomaCom CEO John Elkovich said: “It is pleasing that we have been able to secure an extension to our convertible notes.
“The extension improves our financial position in preparation for seeking readmission to ASX quotation.
“We continue to value the support of all of our noteholders and will work together closely towards the ongoing success of the company.”
Revised terms
The new variation deed includes a clause such that the Event of Default arising as a result of the company’s shares being suspended from trading prior to the date of the variation deed is waived.
In addition, Thundering Herd has agreed to waive the condition precedent of being re-listed until 15 December 2022.
Growing funds under management
DomaCom achieved many milestones during the 2022 financial year as the company continued to create innovative product offerings using its unique fractional investing platform.
The company reported strong growth in the number of sub-funds on its platform in FY22.
Over the 12-month period, 49 new sub-funds were added underpinning a strong uplift in funds under management (FUM).
By early in the 2022 calendar year, FUM in DomaCom’s fractional investment platform had pushed up through the key $100 million barrier.
By the end of financial year 2022 this figure had swelled to $134 million, which was more than 60% above its year-earlier number.