AFG founders fail to buy back outright control

Staff Reporter Monday, 25 May 2009 1 minute read

The founders of aggregation group AFG have failed to regain control of their company with minority shareholders refusing to sell up their share of the company.

Only a handful of small shareholders holding 0.1 per cent of AFG’s capital took up the aggregator’s buyback offer, The Age reported today.

When AFG launched the buyback offer last month it had hoped to acquire up to 26 per cent of capital, which would have returned outright control to the group’s founders – Brett McKeon, Malcolm Watkins, Kevin Matthews and Bradley McGougan – who currently own 74 per cent.

Macquarie Group continues to own 10 per cent of AFG while Allianz and Tower each hold 5 per cent each. The remainder of the group is held by current and former staff.

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