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19:59
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Just to clarify on my previous post.
ePAT Technologies Ltd is pleased to announce that firm acceptances have been received for the placement of 75,000,000 shares at 5 cents per share to raise $3,750,000 before costs. The new shares will be issued pursuant to the Company’s 15% placement capacity to professional and sophisticated investors. Patersons Securities Limited acted as the lead broker to the issue and the new investors include a family office
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What's a family office?
The term family office can refer to a family controlled investment group, and also the two major terms: single family office (SFO) or multi-family office (MFO). The distinction is important since, despite the similar names, they provide significantly different services. This article refers principally to single family offices, which are the predominant forms of family offices today. An SFO is a private company that manages investments and trusts for a single family.[1] The company's financial capital is the family's own wealth, often accumulated over many family generations. Traditional family offices provide personal services such as managing household staff and making travel arrangements. Other services typically handled by the traditional family office include property management, day-to-day accounting and payroll activities, and management of legal affairs. Family offices often provide family management services, which includes family governance, financial and investment education, philanthropy coordination, and succession planning.[2] A family office can cost over $1 million a year to operate, so the family's net worth usually exceeds $100 million in investable assets.
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I've never seen a family office mentioned before or since in any company's announcement.
