Stanfield gains control of Mariner
Property-focused publicly listed funds management group, Stanfield Funds Management has picked up 42 per cent stake in Mariner Corporation resulting in Stanfield chief executive, Darren Olney-Fraser, becoming chief executive of Mariner.
Mariner Corporation previously traded as Mariner Financial and ran into strong financial headwinds at the height of the global financial crisis — something that saw it selling down a number of its funds.
In an announcement released to the Australian Securities Exchange (ASX) today, Stanfield said that it had subscribed to a convertible note in Mariner with a face value of $1.1 million covering to 0.3 cents per share with the draw down to take place on 29 October.
It said that upon drawdown of the convertible note, Olney-Fraser would be appointed as a director and the chief executive of Mariner Corporation Limited.
The announcement said Stanfield was acquiring the strategy stake so that it could “further pursue the growth in its property funds management business”.
It said that Mariner had two existing Australian Financial Services Licenses and a number of registered schemes.
The announcement said Stanfield could leverage off Mariner’s platform in property funds management and utilize its broad investor base to continue to grow its property funds management business.
It said Stanfield could utilise Mariner as a corporate vehicle to raise capital for various transactions complementary to Stanfield’s business.
AUTHOR
Mike Taylor
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