YBR acquires mortgage originator
Yellow Brick Road has announced it has entered into a conditional agreement to purchase a privately-owned mortgage manager and originator.
YBR executive chairman Mark Bouris said the acquisition of Resi is another important milestone in the group's strategy to become a leader in the non-bank segment.
Mr Bouris added that Resi will provide YBR with enhanced scale and national presence in its mortgage distribution.
The aggregate consideration agreed to be paid for Resi is $36 million, with $28 million payable in cash at settlement.
The issue on settlement of $5.5 million in fully paid ordinary shares in YBR, at an agreed issue price of $0.70 each, will represent a total of 7,857,144 YBR shares.
Resi has a network of franchises and territories throughout Australia, with a solid growth pipeline, according to today’s ASX statement.
“We welcome the Resi franchisees, management and staff to the YBR group and look forward to leveraging our marketing platforms to significantly increase Resi’s lead flow as part of our combined group,” Mr Bouris said.
“The complementary skills and relative strengths of the YBR, Vow and Resi brands and businesses will combine to provide Resi franchisees, YBR branch licensees and Vow brokers with unparalleled opportunities to build revenues and market position as we progress our strategy to be a leader in the “non-bank” sector,” he said.
AMP to introduce annual advice agreements
AMP has announced it will introduce annual agreements for clients who currently ...
Only one in four retirees seek advice, report finds
New research has found that only one in four people aged 65 and over actively se...
Praemium adds three model portfolios to SMA
Advice platform Praemium has broadened its range of model portfolios on its sepa...