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The founders of aggregation group AFG have failed to regain control of their company with minority shareholders refusing to sell up their share of the company.
Only a handful of small shareholders holding 0.1 per cent of AFG’s capital took up the aggregator’s buyback offer, The Age reported today.
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When AFG launched the buyback offer last month it had hoped to acquire up to 26 per cent of capital, which would have returned outright control to the group’s founders – Brett McKeon, Malcolm Watkins, Kevin Matthews and Bradley McGougan – who currently own 74 per cent.
Macquarie Group continues to own 10 per cent of AFG while Allianz and Tower each hold 5 per cent each. The remainder of the group is held by current and former staff.
