This article is from the Australian Property Journal archive
RETIREMENT village developer and operator Aevum has diluted Babcock & Brown stake in the company.
Aevum yesterday reduced Babcock & Brown’s substantial interest by issuing 13.38 million shares to unnamed persons or parties other than Babcock & Brown Communities Group and Babcock & Brown.
BNB still holds 17.90 million shares in the company but its voting power has been reduced from 16.17% to 14.39%.
Last month, BNB paid $18.42 million to buy an initial stake 14.39% stake.
BNB might be looking to replicate BBC which was formed in May last year through the restructuring of Primelife Corporation and Aevum looked like an easy target for a Primelife Mark 3.
Aevum does not many major shareholders, aside from 9.34% held by Fisher Funds Management, a New Zealand based fund manager.
Aevum shares fell 1 cent to close at $1.70. BNB shares fell 33 cents to close at $6.22.
Australian Property Journal
