Challenger wants its' shares back
8 July 2008 |
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| Challenger Financial Services Group announced a share buy back yesterday. The company will buy back up to 10 per cent of its issued capital through an on-market program. The company, in its announcement, tied the share buyback to receipt of proceeds from the sale of Genesys Wealth Advisers and Synergy Capital Management to AXA Asia Pacific for $150 million. Challenger noted in the announcement of its new approach to capital management that it had a low debt position, a strong capital surplus and strong operating cash flows. It will also evaluate the buyback, to be conducted on market, against other investment opportunities. Last month's announcement of the sale of financial planning businesses prompted suggestions that Challenger may be looking to sell out of its other distribution business, mortgage aggregation. The group owns or has investments in three aggregators – Choice, Fast and Plan – and has an investment in the lender Homeloans. At Friday's closing price of $2.05 a share, Challenger has a market capitalisation of $1.23 billion. A 10 per cent buyback would cost a little over $120 million. The stock rose to $2.16 yesterday. |
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| Source : The Sheet |
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| 31 July 2008 | - NAB to replace CEO |
| | - NAB denies having more bad debts |
| | - Banks maintain credit ratings |
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| 30 July 2008 | - Troubled Virgin gets lifeline |
| | - Rocky times for whole financial group |
| | - NAB rejects interest rate plan |
| | - Credit Unions and Bendigo Bank are favourites |
| | - Business customers are happy with their banks |
| | - Best advice goes public |
| | - ANZ slow to see the economic signs |
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| 29 July 2008 | - Investment company pays out after collecting from |
| | - ING is a big banker |
| | - City Pacific investors must wait |
| | - ANZ hammered after bad news |
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| 28 July 2008 | - ANZ joins NAB with bad news |
| | - Depositors cash in |
| | - Depositors can get ten per cent |
| | - BankWest pulls Ratetracker from brokers |
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| 25 July 2008 | - Suncorp says no more equipment lending |
| | - CBA goes to China |
| | - CBA and ABN Amro a good fit |
| | - Banks may hold back rate cuts |
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| 24 July 2008 | - Queenslanders join Victoria's big credit union |
| | - Mortgage rates now set by markets |
| | - CBA eyes ABN Amro for CommSec |
| | - Low doc borrowers late with repayments |
| | - ACCC approves Westpac's takeover of St George |
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| 23 July 2008 | - Term deposits more attractive than savings account |
| | - Rams liquidating assets |
| | - NAB not buying |
| | - Australia needs more saving |
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| 22 July 2008 | - Rumours circle BankWest |
| | - No fees and no rate discounts on new NAB loan |
| | - New rules coming for banks |
| | - NAB panders to Wayne Swan |
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| 21 July 2008 | - Bopo card holders wait for funds |
| | - Depositors get nine per cent return |
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| 18 July 2008 | - Short selling OK by ASX |
| | - Bendigo and BOQ fall into line |
| | - Bank loans going bad |
| | - ANZ and NAB face most debt strife |
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| 17 July 2008 | - Next rates move could be down |
| | - CBA not a St George buyer |
| | - Banks may not pass on rate cuts |
| | - Aussies get richer despite share slide |
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| 16 July 2008 | - Westpac in step on rate rise |
| | - Over Fifty Group quit reverse mortgage market |
| | - House prices down in Queensland |
| | - GMAC exit underway, Capital First |
| | - Aussie prods apathetic borrowers |
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| 15 July 2008 | - Global banks target affluent travelers |
| | - NAB, AMP and Suncorp raise rates |
| | - Credit unions offer green loans |
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| 14 July 2008 | - NAB shareholders cool on reinvesting dividends |
| | - Harassed GE borrowers still waiting for compo |
| | - Government is propping up the banks |
| | - Credit Union introduces Visa debit fee |
| | - Commonwealth, ANZ raise rates |
| | - China's biggest bank now in Australia |
| | - Bank of Queensland branch owners walk away |
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| 11 July 2008 | - Government debt agency needed |
| | - Banks circle Wizard |
| | - ANZ pays premium prices for debt |
| | - AMP Bank channels more mortgages |
| | - Bank businesses in trouble |
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| 10 July 2008 | - Credit crisis not over yet |
| | - Court rules against Westpoint investors |
| | - Interest rates may turn down |
| | - BankWest raises rates, others to follow |
| | - Banks grab more mortgage market share |
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| 09 July 2008 | - Debt trouble and bankruptcies go up again |
| | - Banks fight over Bill Express network |
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| 08 July 2008 | - Small broker plus small broker makes big broker |
| | - Elderslie investors lose out |
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| 07 July 2008 | - Surge in margin calls as All Ords falls |
| | - ANZ's Chimaera troubles get messy |
| | - St George raises mortgage interest rates |
| | - St George customers pay more |
| | - SMS banking can be expensive |
| | - RateTracker wins market share for BankWest |
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| 04 July 2008 | - Swan says no to Aussie Mac |
| | - Small business borrowing down |
| | - Pepper reports loss |
| | - eBay backs down over PayPal |
| | - House price boom predicted |
| | - Advisors charge fees for opening bank accounts |
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| 03 July 2008 | - Super contributions rise for some |
| | - Protected equity lending an endangered species |
| | - Elderslie moreso private equity investor |
| | - CommSec margin lending near record |
| | - 3000 investors stranded by failure of Elderslie |
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| 02 July 2008 | - Rising margins erode satisfaction |
| | - Mortgage margins may rise again |
| | - Frequent Flyer float likely |
| | - Elderslie seeks six month freeze on payments |
| | - Bank of Queensland fiddles with franchise margins |
| | - APRA seeks same-day data on liquidity |
| | - Credit Card Balance Transfer Offers Grow
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| 01 July 2008 | - Private equity eyes off B&B |
| | - Commonwealth leading from Westpac |
| | - ANZ withdraws from stock lenders |
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