Equity Story Group Limited

Strategic Investor Acquires 11.6% of Equity Story and New Director Appointment

The Board of Equity Story Group Ltd (ASX: EǪS) ("Equity Story" or "the Company") is pleased to announce that Capital Haus Pty Ltd has acquired an 11.6% strategic stake in the Company at 2.6 cents per share, aligning with the last traded price on the ASX.


Capital Haus, a wealth management firm with offices in Australia, Dubai (U.A.E.) and Switzerland, specialises in tailored investment solutions for high-net-worth individuals, family offices, endowments, institutions, and foundations. Their collaborative approach focuses on developing lasting partnerships and providing comprehensive financial strategies.

As part of this strategic investment, Mr. Brendan Gow, Founder and Managing Director of Capital Haus, has joined the Equity Story Board as an Executive Director responsible for Operations. Mr. Gow brings over 17 years of global experience in wealth and financial management, having worked in Australia and the Middle East. He is recognised for his innovative approach to asset management and is a regular contributor to financial publications, including Yahoo Finance and Forbes.

Shane White, CEO of Equity Story, stated:

"This is an exciting and pivotal moment for Equity Story. Capital Haus’ investment represents far more than financial backing—it is a strategic alignment with a progressive global wealth management innovator that shares our vision of empowering investors with knowledge, comfort and choice. Brendan’s deep expertise and extensive international network will be invaluable as we accelerate our expansion. We are quite pumped about the strategic initiatives we are developing together. This is just the beginning of a transformative period for Equity Story, and we look forward to sharing more milestones with our shareholders."

Equity Story and Capital Haus will collaborate on new strategic initiatives to comprehensively support clients, members, and shareholders.

Mr. Gow’s remuneration for his executive position will be $104,000 per year subject to performance-based metrics (company revenue, funds under management and clients) assessed and reviewed quarterly.

As previously announced, Equity Story recently appointed a new Chairman, Mr. Ross Landles, and entered a new licencing partnership. Equity Story sees the collaboration with Capital Haus as another substantive step in its growth and expansion strategy.

Brendan Gow, Founder G Managing Director of Capital Haus, commented:

"Capital Haus is delighted to become a strategic investor in Equity Story. The Company’s growth opportunities, innovative approach to investor education, and expanding wealth management services align perfectly with our philosophy of delivering high-quality, tailored financial solutions. Our shared commitment to enhancing investor access to high-quality financial tools and opportunities will drive long-term value for our clients and shareholders. I am excited to join the Board and contribute to the next chapter of Equity Story’s success."

Capital Haus will be issued with 19,230,770 shares voluntary escrowed for 12 months from issue for the consideration of $500,000.02, utilising the Company’s placement capacity under ASX Listing Rule 7.1 (5,341,075 shares) and 7.1A (13,889,695 shares), together with 12,820,513 options with an exercise price of 5 cents, expiring on 19 December 2026. The options are subject to shareholder approval and the shares are expected to be issued on Monday, 3 March 2025. Funds from the placement will be used to expand the Company’s wealth management service offering and general working capital.


Click here for the full ASX Release

This article includes content from Equity Story Group Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Real Matters Appoints Mortgage Market Industry Veteran John Walsh to its Board of Directors

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Deadline Alert: Kessler Topaz Meltzer & Check, LLP Alerts Investors of Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Against PayPal Holdings, Inc.

Deadline Alert: Kessler Topaz Meltzer & Check, LLP Alerts Investors of Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Against PayPal Holdings, Inc.

The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against PayPal Holdings, Inc. (NASDAQ: PYPL) ("PayPal") on behalf of those who purchased or acquired PayPal securities betweeen February 9, 2017 and July 28, 2021 inclusive (the "Class Period").

Investor Deadline Reminder:  Investors who purchased or acquired PayPal securities   during the Class Period may, no later than October 19, 2021 , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via e-mail at info@ktmc.com ; or   click https://www.ktmc.com/paypal-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=paypal

PayPal is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. PayPal's services include PayPal Credit and certain debit card services. In 2015, PayPal entered into a Stipulated Final Judgment and Consent Order (the "Consent Order") with the Consumer Financial Protection Bureau ("CFPB"), settling regulatory claims arising from PayPal Credit practices between 2011 and 2015. The Consent Order obligated PayPal to pay $15 million in redress to consumers and a $10 million civil monetary penalty. The Consent Order also required PayPal to make various changes to PayPal Credit disclosures and related business practices.

The Class Period commences on February 9, 2017 , the day after PayPal filed an annual report on Form 10-K with the U.S. Securities and Exchange Commission ("SEC"), reporting the company's financial and operating results for the quarter and year ended December 31, 2016 (the "2016 10-K"). With respect to PayPal's disclosure controls and procedures, the 2016 10-K represented that, "[b]ased on the evaluation of our disclosure controls and procedures (as defined in the Rules 13a-15(e) and 15d-15(e) under the [Exchange Act]), [the defendants] have concluded that as of December 31, 2016 , the end of the period covered by this report, our disclosure controls and procedures were effective."  The 2016 10-K purported to advise investors of PayPal's regulatory obligations and attendant risks, while simultaneously assuring investors of PayPal's "compliant solutions" to addressing those risks. With respect to the Consent Order, the 2016 10-K stated, in relevant part, that "[w]e continue to cooperate and engage with the CFPB and work to ensure compliance with the Consent Order, which "required PayPal to make various changes to PayPal Credit disclosures and related business practices."

Throughout the Class Period, defendants continued to assert the effectiveness of PayPal's disclosure controls and procedures; purported to advise investors on PayPal's regulatory obligations, attendant risks, and "compliant solutions" to addressing those risks; repeatedly asserted that it was remediating issues with its PayPal Credit business practices in accordance with the Consent Order; and downplayed regulations and related issues regarding PayPal's interchange rates.

The truth emerged on July 29, 2021 , when PayPal filed a quarterly report on Form 10-Q, reporting PayPal's financial and operating results for the second quarter of 2021. Therein, PayPal disclosed investigations by the SEC and the CFPB. Specifically, PayPal disclosed receipt of a Civil Investigative Demand from the CFPB related "to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services"; and that the company has "responded to subpoenas and requests for information received from the [SEC] relating to whether the interchange rates paid to the bank that issues debit cards bearing our licensed brands were consistent with Regulation II of the Board of Governors of the Federal Reserve System, and to the reporting of marketing fees earned from the Company's branded card program."

Following this news, PayPal's stock price fell $18.81 per share, or 6.23%, to close at $283.17 per share on July 29, 2021 .

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) PayPal had deficient disclosure controls and procedures; (2) as a result, PayPal's business practices with respect to PayPal Credit remained non-compliant; (3) PayPal's practices regarding payment of interchange rates related to its debit cards were likewise non-compliant with applicable laws and/or regulations; (4) accordingly, PayPal's revenues derived from its PayPal Credit and debit card practices were in part the subject of improper conduct and thus unsustainable; (5) all the foregoing subjected PayPal to an increased risk of regulatory investigation and enforcement; and (6) as a result, PayPal's public statements were materially false and misleading at all relevant times.

PayPal investors may, no later than October 19, 2021 , seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com .


CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/deadline-alert--kessler-topaz-meltzer--check-llp-alerts-investors-of-lead-plaintiff-deadline-in-securities-fraud-class-action-lawsuit-against-paypal-holdings-inc-301384862.html

SOURCE Kessler Topaz Meltzer & Check, LLP

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