Euroz is planning to partially retain the Hartleys brand and intends to bring independent directors onto its board as part of its agreement to acquire the rival stockbroking firm.
Cash Converters is claiming a solid balance sheet after it extended a $150 million securitisation facility, following a turbulent time for the payday lender.
Perth-based fintech startup PictureWealth has announced two major moves in its efforts to expand its market reach, raising $12 million and acquiring financial services manager Neo Financial Solutions.
Listed stockbroking and funds management firm Euroz has offered to buy competitor Hartleys in a scrip deal that would give Hartleys’ current shareholders a 17 per cent stake in the combined group.
Stockbroking firm Hartleys has confirmed it is in advanced merger discussions with listed rival Euroz. If the merger proceeds, it would add to a string of changes among Perth’s top corporate finance dealmakers.
Melbourne-based Stephen Targett has become chair-elect of banking group Police & Nurses, after Paul Gabb announced he would retire at the company’s AGM in November 2020.
Australian Finance Group has announced a capital raising to strengthen its financial position ahead of an expected softening of the housing loan market and to support the growth of its subsidiary AFG Securities.
Businesses in the hospitality, tourism and retail sectors are holding out for COVID-19 restrictions to lift, as a majority of turnaround professionals believe these businesses won’t be able to survive more than three months if the shutdown continues.
Pioneer Credit has started to engage with potential buyers of the business and is also seeking to refinance its $220 million debt, after last week’s collapse of the Carlyle Group takeover.
Pioneer Credit has accused its major lender and takeover bidder, US private equity group Carlyle, of trying to either push down its $120 million takeover offer to a very low price or withdraw from the deal altogether.
Stockbroking and funds management group Euroz expects to report a loss of $16 million for the nine months to the end of March but said its trading activity is still profitable and it intends to pay a final dividend.
Euroz has flagged an $8 million hit to its earnings after pulling out of its 80 per cent-owned Prodigy Investment Partners joint venture, which had underperformed in recent years.
Primewest has postponed the spin-out of a new $285 million commercial property trust, citing market volatility, with Macquarie Bank and rent.com.au among other listed companies to change their capital raising plans.
National superannuation giant First State Super and smaller Perth-based fund WA Super have signed a memorandum of understanding to evaluate the benefits of a merger.
HBF is utilising the popularity of quokkas as a symbol of Western Australia and its status as a not-for-profit business as it takes on the big health funds on the east coast.
