ASX listed Insurance Brokerage Steadafast has announced for a bid for General Insurer Calliden
Steadfast bid to Calliden shareholders based on 46.5 cents per share (41.5 cents per share plus special fully franked dividend of 5.0 cents per share) Steadfast share approximately, the the group would complete a $55m Immediate on-sale of insurance business and certain agencies to Munich Re including the NTA (Net Tangible Assets) of Calliden Conditional upon approvals from regulatory bodies, Calliden shareholders, the Court, as well as other conditions being satisfied
Calliden Group Ltd is an ASX listed company (CIX) specialising in general insurance.
Robert Kelly, Managing Director & CEO, said “Calliden’s eight agencies complement our diverse mix of niche and specialised agencies. On completion of the acquisition, Steadfast will become one of the largest agency groups in Australia with annual GWP of around $300 million. Currently over half of Calliden’s agencies’ insurance sales are generated through Steadfast Network Brokers, which places us in a strong position to enhance their value. We will also endeavour to develop and strengthen their alliances with other distribution networks and non-aligned brokers as well as insurers.”
The annoucement was made at Steadfast results investor presentation where the group ansouced a 2H FY14 dividend of 2.7 cents per share (fully franked), bringing the total FY14 dividend to 4.5 cents per share
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