AIMS Financial Group (AIMS) planning to make strategic investments in other companies following its 15.8 per cent stake in struggling property funds manager MacarthurCook.
AIMS Funds Management director Mark Thorpe-Apps said at the announcement of the MacarthurCook stake yesterday that the firm is “assessing other firms” for strategic investments.
“Now is definitely the time to buy funds management businesses rather than build a business from the ground up,” Thorpe-Apps said. “We will be looking for similar growth opportunities.”
The transaction, through Citibank, means AIMS is now the largest shareholder in MacarthurCook, which announced an after-tax loss of $11.46 million for the six months to December 31 last year (down from $4.2 million in the previous corresponding period).
AIMS’ 15.8 per cent acquisition of the business represents a 92.6 per cent discount to the $1.35 a share takeover offer made by AMP in June last year, which was rejected by MacarthurCook’s chairman and directors.
