Pentagon Property Group finalises acquisition of Mariner Credit
Pentagon Property Group has finalised the acquisition of Mariner Credit Corporation, including buying approximately $1.6 million of the listed and unlisted bonds owned by Mariner and selling off its excess derivative contracts to strengthen its balance sheet. The company will change its name to Pentagon Capital (PC). Pentagon has also extinguished loans between Mariner and PCL.
PC now comprises $10.1 million in cash, $1.3 million in loans to Pentagon and $0.9 million in real estate investment trusts (REITS). Pentagon will remix its REITs portfolio to comprise interests in REITS to service the interest and principal payments under the bonds issued by PC and will use the cash in PC to buy up more assets.
Directors of Pentagon, Tony Pitt and Alan Sutton, have joined the board of PC, while Bill Ireland and Brent Cubis have resigned as directors of PC. Robert Molinari will remain on the board of PC.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
