Crowdfunding company targets Kidman bid
24/05/2016
The “fresh strategy” will entail separating the buying of the land, which DomaCom will continue to crowdfund, and the operating businesses, which Lloyds will be charged with finding a buyer for.
"When you consider we have $75 million from 5,500 investors pledged already, our target is now only $210 million, and as the federal government is clearly concerned about Kidman slipping into foreign ownership, then we firmly believe there is a realistic opportunity to buy this massive pastoral station locally," said DomaCom chief executive Arthur Naoumidis.
DomaCom has already had discussions with Ernest Young, who are handling the sale of Kidman, and has been given access to the company’s accounts. It plans to match the rejected offer made by a Chinese Consortium in April which valued the company between $360 million and $370 million.
Mr Naoumidis added that he believed that the buyer of the Kidman empire should be Australian but he conceded that the investor found by Lloyds could come from overseas.
"Overseas investment needs to be separated from overseas control," he said. "Under our structure the land remains owned by an Australian entity, and the operating business will borrow or source money from overseas, but it will operate here, it will pay tax here."
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