Challenger Financial Services has a 12.4% stake in Australian Stock Exchange listed Homeloans.
Challenger will pay 80 cents per share to subscribe to 8.3 million new shares in Homeloans.
Challenger has also agreed to subscribe for an additional tranche of 31.7 million new shares at $1.20 per share – bringing the total investment to approximately $44.7 million.
Following the proposed issues of shares, Challenger will have an interest of approximately 40% in Homeloans.
Homeloans’ chairman Tim Holmes said Challenger’s investment will allow the company to further strengthen its distrubition capability, organically and by acquisition, to maximise its position as a key a non-bank lender.
Australian Property Journal
