Retirement villages under ACCC’s watchful eye
Just days after announcing plans to purchase a substantial stake in the Babcock & Brown Communities Group (BBCG), the Prime Retirement and Aged Care Property Trust may have encountered its first hurdle: the Australian Competition and Consumer Commission (ACCC).
The ACCC has notified Prime Trust that it will monitor the 40 per cent proportional scrip for BBCG, a listed entity of retirement and aged care facilities.
As previously reported by Money Management, Prime Trust has indicated that once it secures a holding in BBCG, it will then pursue a full merger by way of a scheme of arrangement.
If successful, the merger would create Australia’s largest senior living class owner and operator, with “consequential efficiencies and capital market advantages”, according to Prime Trust.
The ACCC has invited Prime Trust to make a submission regarding the likely competitive effects of the proposed acquisition, after which it will undertake a public informal review of the merger.
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.