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Griffiths joins RentSmart board

David Griffiths has been appointed to the newly structured board of RentSmart.

The WA-based company underwent private capital raising late last year, which allowed founder and managing director Ned Montarello to keep a controlling share.

GE, New Court, and Kerry Packer sought to buy the company, but Mr Montarello refused opting to capital raise, releasing a 35 per cent shareholding, which drew the attention of investors including Kerry Stokes who was among a group buying some 5.5million shares.

The company’s success has been attributed to its honing/mastering of the Internet medium allowing customers to get credit approval for up to $15,000 within minutes, 24 hours a day.

The company specialises in the small and medium size businesses. The company has secured the niche market of approving loans that are too small for bank loans yet are too large for the credit card.

RentSmart, founded in 1996, has national status operating a national call centre and offers its finance product through more than 800 retailers across Australia. The company has distri-bution agreements with Coles Myer, Officeworks, Telstra and Harris Technology.

Their Internet success was recognised by the Australian Inform-ation Industry Association which presented the company with the Microsoft Australian Business Award at the iAwards last year.

Other board members are chairman and non-executive director Steve Penglis (a partner at law firm Freehills), Kevin Morgan, managing director of e-commerce developer Xpedior, and Mr Montarello.

Mr Griffiths is a divisional director of Macquarie Equity Capital Markets Limited. He is also a member of the Senate of the University of Western Australia and is chairman of their strategic resources committee.

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