WDE announces share buy-back
Wealth Defender Equities (WDE) has announced plans to undertake an on-market share buy-back of up to 10 per cent of its issued share capital, as a part of capital management initiative over the 12 months, and declared a fully-franked two cents per share interim dividend.
The decision to pay such a dividend, which was declared for the half year to December, 2017, was helped by a combination of strong investment performance coupled with a reduction in the cost of providing protection over the past year, the company said.
WDE also said that it intended to pay a “regular, consistent dividend stream from available profits and cash flow in line with the performance of the company.”
WDE also believed that the buy-back would provide the opportunity to repurchase shares at attractive valuations.
The company appointed Baillieu Holst to help manage the buy-back process which would commence after the release of WDE’s half year results for the 2017/18 year, it said.
AUTHOR
Oksana Patron
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
