$0.20 of cash per Primewest security, and
0.473 Centuria securities per Primewest security, equating to $1.31 per Primewest security based on Centuria’s last closeprice of $2.77 per security on 16 April.
The merger would be expected to enhance investment proposition relative to Primewest thanks to:
Material earnings per security accretion of 19%,which would deliver 6.8 cents on a pro forma FY21 basis;
Substantial increase in scale and relevance with combined AUM of $15.5 billion;
Enhanced geographic and sector diversification;
Access to new distribution channels, and
Material synergies to support growth of AUM, expansion of property services across both businesses.
Additionally, the merged group would be expected to be well placed for S&P/ASX 200 index inclusion with an estimated pro-forma capitalisation of $2.2 billion.
By Reuters Staff
1 Min Read
(Reuters) - Australian investment manager Centuria Capital Group said on Monday it would buy Primewest Group in a stock and cash deal that values the property fund manager at A$598.8 million ($462.51 million).
Primewest shareholders will get A$1.51 per share, a 3.1% premium to last closing price.
The Primewest board, whose directors represent 53% of its shares, have confirmed their intention to accept the deal.
Centuria says the deal will combine two complementary real estate platforms, and the merged entity is expected to have assets under management of over A$15 billion with a market cap of A$2.2 billion - well placed for S&P/ASX 200 index inclusion.
By Reuters Staff
1 Min Read
(Reuters) - Australian investment manager Centuria Capital Group said on Monday it would buy Primewest Group in a stock and cash deal that values the property fund manager at A$598.8 million ($462.51 million).
Primewest shareholders will get A$1.51 per share, a 3.1% premium to last closing price.
The Primewest board, whose directors represent 53% of its shares, have confirmed their intention to accept the deal.
Centuria says the deal will combine two complementary real estate platforms, and the merged entity is expected to have assets under management of over A$15 billion with a market cap of A$2.2 billion - well placed for S&P/ASX 200 index inclusion.