Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Firstfolio to acquire third target

Staff Reporter 3 minute read

In a bid to become one of Australia’s leading non-bank mortgage managers, Firstfolio has made an off-market takeover bid for Xplore Capital.

According to a report in InvestorDaily, Firstfolio is offering all Xplore shareholders 19 cents for each share, valuing the overall deal at $3.08 million.

The takeover also includes the Xplore Financial Planning business, which is a corporate authorised representative of ComCorp Financial Advice, which was purchased by MMC Contrarian in March 2009.

"The acquisition of Xplore Capital would consolidate Firstfolio as one of Australia's leading non-bank mortgage managers and financial services companies," Firstfolio said.

Advertisement
Advertisement

"Firstfolio and Xplore Capital operate complementary businesses that focus on the mortgage management and financial services market.

"The acquisition of Xplore Capital will achieve long-term synergy benefits by reducing or eliminating costs incurred by Xplore Capital as a public company and related overheads."

Xplore's directors have recommended its shareholders accept Firstfolio's offer in the absence of a superior proposal.

Last December, Firstfolio announced it would actively acquire three separate companies including First Chartered Capital (FCC), Loan Services Australia and Xplore Capital.

The company’s last acquisition was FCC, which was completed in December last year.

PROMOTED CONTENT


Firstfolio to acquire third target
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

default

 

more from the adviser
Paul Herbert AMP Newsroom

Breaking News

AMP hires intermediary head

AMP Bank has recruited from MyState for its new head of intermedi...

Theo and Alex Shore Financial

Breaking News

Brokerage officially launches white-label loan

North Sydney-based brokerage Shore Financial has officially launc...

interest rate savings

Breaking News

More clients look to lock fixed rates than 2020

More borrowers are eager to lock in fixed interest rates than thi...