Acorn had acquired the 14,133,931 shares for a total consideration of $2,130,945.76, or about $0.15 per share, from 20 March to 1 April. Current share price is $0.15.
It holds the shares as the discretionary investment managers or advisers to superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements.
OTOC has enjoyed a 148% increase in profit from the previous corresponding period to $4.8 million for the half-year ended 31 December 2013.
Revenue for the period was up 45% to $73.8 million, while net profit after tax surged 264% to $2.7 million.
In addition, a 145% increase in cash at bank to $9.1 million, and a $8.2 million finance facility with CBA ensures a solid funding platform to pursue organic growth and strategic acquisitions.
OTOC expects a continued revenue trend and consistency of performance for the balance of the financial year ending 30 June 2014.
Given this, the company remains modestly valued at its current share price of $0.15.
Proactive Investors' share price target is $0.17 - $0.22 within 6-9 months.
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