Partial buyback of PIS NZ?
Robbie Bennetts
Professional Investment Services (PIS) chief executive Robbie Bennetts has hinted at a possible 20 per cent buyback of PIS New Zealand (PIS NZ) stock by the Australian parent company.
Pending New Zealand regulatory approval and the Professional Investment Holdings board’s sign off, the transaction would value PIS NZ shares at five times their issue value.
Bennetts flagged the deal at the New Zealand dealer group’s annual conference recently, describing it as a sign of the company’s faith in the future growth of PIS NZ.
“This underpins PIS’ business model of sharing our wealth not just with the upper echelons of management but advisers and all those connected with the group,” he said.
“It also provides further incentive, given the operation’s rapid growth, for New Zealand advisers and staff who haven’t bought shares to consider investing in PIS NZ.”
PIS NZ boasts 60 advisers and NZ$230 million (A$197 million) in funds under management.
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