Heavy investor interest in retirement income provider

Media release: 30 August 2016

Heavy investor interest in retirement income provider

The Retirement Income Group Limited’s capital raise has seen heavy investor interest with the raise being 130% over-subscribed. The initial minimum raise sought was just under NZ$1.4 million however when the round closed on online capital-raising platfor

Retirement Income Group Limited Chief Executive Ralph Stewart says he’s delighted that investors are demonstrating the same confidence in the company that the founders have shown.

"To be oversubscribed by 130% shows that the investors and the market understand what we are offering and believe in our product. We're excited by what we can do with this money, which will mean a bigger and faster marketing programme, as well as supporting the regulatory capital backing the funds.

"Also, the fact that just under 25% of our investors came from Australia is something we're very proud of. It's one of the advantages of the Equitise trans-Tasman model that you can so easily reach investors from both here and in Australia."

Recent public seminars in Kapiti, Tauranga, Masterton, Palmerston North, Hamilton and Cambridge about retirement income issues had been well attended attracting over 1,500 members of the public.

The Retirement Income Group Limited is New Zealand’s only variable annuity provider. It was founded in 2013, licensed in 2015 and launched in 2016 and since its launch has reached nearly $10m in investor funds.

Of the investors in this most recent successful capital raise, 18% were original investors, while an impressive 82% were new investors.

The capital raise was managed by Equitise, who provide a trans-Tasman capital raising platform, inclusive of crowd funds and professional investor compliance and on boarding services.

ENDS

About The Retirement Income Group
The Retirement Income Group Limited is a New Zealand company founded by professionals with a lifetime of experience in financial services. Retirement Income Group Limited and its subsidiary company Lifetime Asset Management Limited is regulated by the Financial Markets Authority as a Fund Manager and Issuer of the Lifetime Income Fund. Another subsidiary of Retirement Income Group Limited, Lifetime Income Limited, is a licensed life insurance company and regulated by the Reserve Bank of New Zealand.

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