No progress for Count's Mortgage Choice bid
Count Financial’s bid for Mortgage Choice appears to be at a standstill, with the mortgage broker telling investors today that there had been little movement since August and that it was a case of business as usual.
The message was contained in a briefing provided by Mortgage Choice managing director Paul Lahiff to the ABN Amro Regional Banks Conference, where he acknowledged the initial approach by Count and said the original offer of $1.05 per share had been rejected.
He said since then, Count had increased its stake in Mortgage Choice to 15.2 per cent in August but that no further discussions had taken place in the interim.
Lahiff suggested that for Mortgage Choice, it was a case of business as usual.
However, Lahiff used his briefing to confirm slowing approvals and settlements and reduced commission levels meant Mortgage Choice was facing substantially lower profit in 2008-09 than had been the case the previous year.
However, he said 2008-09 needed to be viewed as a transition year for the company.
AUTHOR
Mike Taylor
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