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Friday 21st May 2004 |
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MoneyOnline has been 80% owned by founders John Commins and John Carr.
The business specialises in web-based financial services and provides investment products via the internet.
The company has around 1,500 customers and a combined online and offline marketing base of over 7,000 people. MoneyOnline customers have more than $40 million invested in managed funds and the company also distributes substantial volumes of direct investments in the IPO market.
Dorchester Pacific managing director Brent King said, "the business is very complimentary to Dorchester Pacific's other investment advisory companies of Direct Broking Ltd and Equity Investment Advisers & Sharebrokers Ltd. We are looking forward to working with John Commins and his staff. I believe there is a natural synergy between MoneyOnline and the other businesses within the Dorchester Group".
Dorchester Pacific will issue 104,005 ordinary shares in Dorchester Pacific at $2.80. There is a further undisclosed cash payment.
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