BFG increases stake in Bell Direct
Financial services firm Bell Financial Group (BFG) has announced it has increased its stake in online broker Bell Direct to 36 per cent from 25 per cent.
The Bell Direct saw the need to increase its capital via a rights issue, to which BFG came in pro rata and took up some shortfall shares, contributing a total of $6 million and lifting its stake in Bell Direct to 36 per cent.
The deal was made on the basis that BFG had renegotiated an existing call option to acquire additional shares in Bell Direct. Under the new arrangements, BFG now has a call option to purchase all remaining Bell Direct shares it does not own, taking its holding to 100 per cent.
BFG executive chairman Colin Bell said the decision to boost the group’s stake in Bell Direct reflected its confidence in the online share trading company.
“Moving to increase our shareholding in Bell Direct reflects our confidence in the management team, the business model and, importantly, the results the business has generated in a relatively short period of operation,” Bell said.
“Current market conditions have presented us with a good opportunity to ramp up our marketing and introduce new products.”
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