Income Asset Management Group (ASX:IAM) has concluded its $18 million equity raising initiative, initially announced in October.
The completion follows shareholder approval of the crucial second tranche during the annual general meeting on Nov. 25.
The proceeds have enabled the repayment of a $10 million IAM note, saving $1.2 million in interest costs and strengthening the balance sheet significantly.
The organisation will begin its asset transition to Perpetual Corporate Trust in December.
The transition is scheduled to be completed in the first calendar quarter of 2025.
The company predicts that this move will result in cost savings exceeding $4 million annually, along with enhanced client experience and improved investment administration.
CEO Jon Lechte stated, "The board and executive team wish to thank all shareholders, existing and new, Blue Ocean Equities and Morgans Corporate for brokering the transaction, and Regal Funds Management and Jim Simpson of Jamplat for sub-underwriting and taking a strong supportive view on our direction."
Simpson, a founding partner of Platinum Investment Management and involved in an advisory capacity, is recognised for his longstanding support towards the company.
Regal Funds Management has also been acknowledged as a long-term supporter.
Income Asset Management Group is engaged in offering complete income investment services. The company delivers solutions in treasury management, cash, bonds and funds management for sophisticated investors and professional investment managers.
At the time of reporting, Income Asset Management's share price was $0.029.