asx-listed homeloans: ASX-listed Homeloans is the object of a reverse takeover by non-listed RESIMAC, with the latter firm set to control 72.5 per cent of the merged group, according to Australian Broadcasting Corporation. In addition, RESIMAC chief executive Warren McLelland will be the CEO of the merged group and RESIMAC will appoint three board directors to Homeloans' two, with plans to appoint an independent chairman later. Map: Australia Two of Australia major non-bank home lenders are merging to form a $13 billion mortgage provider. The deal will be done by Homeloans issuing new shares to RESIMAC owners, allowing the merged company to remain on the ASX under Homeloans' listing. The deal brings together two non-bank home loan providers with very different business models. RESIMAC majority shareholder, Ingot Capital Management, will own 57.3 per cent of the merged company on completion of the deal.
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Tagged under asx-listed homeloans, mortgage provider topics.