ASX listing for Over 50’s
Over 50s Mutual is now planning a full ASX listing in January, says chief executive officer Michael Rehak.
The demutualised friendly society had been looking at an exempt listing on the Austock exchange.
Market capitalisation of Over 50s will be about $50 million and it will have 44,500 shareholders.
“Members have been issued with share statements and they will receive details of the actual listing in December,” Rehak says.
The listing will give the company a $50 million war chest, which will be used for acquisitions and developments into new product areas.
“We are now developing a business plan for the future, however, any business acquisitions will have to fit the business strategy of Over 50s,” he says.
The listing will not affect the outsourcing of the Over 50s operation with Estate Trustees, Rehak says.
Over 50s has also released the 2001 financial year bonus rates, after tax and fees, on its products.
They range from 5.7 per cent for its Macquarie Growth Bond Fund, down to 3.1 per cent for its Commonwealth Securities Fund.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
