Thorney fund likes the look of Money3
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Sharemarket watchers keen to see the next move by Alex Waislitz’s listed Thorney Opportunities fund after its investment in NBN contractor Servicestream late last year got a clue yesterday when his private Thorney Group took half of a $30 million bond issue by listed payday lender Money3.
While the $15m issue was taken by Thorney Group and associated entities, there was speculation some of it would end up in the hands of the Opportunities fund, which boasts a colourful share register of high-net-worth individuals.
Money3 managing director Rob Bryant said the issue -- conducted by Wilson HTM -- was a major step in providing the company with meaningful debt facilities to complement the equity raised over recent years. It is expected to add $6m to Money3’s pretax earnings and will be used to expand its consumer-lending business.
Last year Money3 struck a deal with Cash Store Australia’s administrator, Bentleys, to acquire the rights to 41 of Cash Store’s 60 outlets, including 30,000 customers.
The deal made Money3 the second-biggest operator in the sector behind lender and pawn-shop operator Cash Converters.
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