WDE announces share buy-back
Wealth Defender Equities (WDE) has announced plans to undertake an on-market share buy-back of up to 10 per cent of its issued share capital, as a part of capital management initiative over the 12 months, and declared a fully-franked two cents per share interim dividend.
The decision to pay such a dividend, which was declared for the half year to December, 2017, was helped by a combination of strong investment performance coupled with a reduction in the cost of providing protection over the past year, the company said.
WDE also said that it intended to pay a “regular, consistent dividend stream from available profits and cash flow in line with the performance of the company.”
WDE also believed that the buy-back would provide the opportunity to repurchase shares at attractive valuations.
The company appointed Baillieu Holst to help manage the buy-back process which would commence after the release of WDE’s half year results for the 2017/18 year, it said.
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
