Westoz Investment Company

Perth-based unlisted public investment company Westoz Investment Company Ltd's prospectus for the issue of new shares has raised $88 million as at the date of closure, falling short of the $100 million target.

Stockbroking firm Euroz has announced the listing of Westoz Investment Company on the Australian Stock Exchange.

Stockbroking firm Euroz has lodged a net profit of $6.3 million, just over half of its net profit in the previous year, after enduring what it described as extremely challenging conditions in equity capital markets.

Westoz Investment Company and Ozgrowth non-executive director Jay Hughes has been appointed as non-executive chairman of both boards, following the resignation of Peter Diamond, who has been at the helm since each company’s inception in 2005 and 2007, respectively.

Perth-based stockbroker Euroz has appointed former MLC chief executive Steve Tucker to head up a new funds management subsidiary as the company eyes opportunities in the listed investment company sector.

Westoz Investment Company stated that it almost tripled its reported profit in the 2014 financial year, with an increase in after tax profit from $7.4 million last year to $21.2 million.

Western Australia’s listed money managers had a strong 12 months to June 2014, but face a challenge to repeat that performance in 2015.

Euroz has halved its dividend after recording a $7.1 million net loss for the 2015 financial year, on the back of poor performance in its investment arm and modest profits in its stockbroking division.

Euroz has announced its second expansion move in the funds management sector in the space of a week, with the launch of a partnership with Melbourne-based Flinders Investment Partners.

A difficult 2015 financial year for the Western Australian economy has flowed through to a soft performance for the state’s listed money managers, according to BNiQ research, with the biggest player considering a restructure to diversify its income sources.

Two listed investment companies controlled by Euroz Securities will pay out nearly $5 million in half-year dividends, with Westoz Investment Company announcing a 3 cent per share payout for investors while Ozgrowth will distribute 0.25 cents per share.