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As the dust settles on the NAB move for Challenger Mortgage Management AFG’s managing director Brett McKeon has laid to rest any speculation that AFG could be next on the banks’ radar.
“The simple fact is we’re not for sale,” Mr McKeon said.
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“We are in full swing with our five year strategic plan, we’re in great financial shape and we’re set to grow our market share even further,” Mr McKeon said.
According to Mr McKeon, AFG is committed to the broker channel and its autonomous status provides greater opportunities for its brokers and investors.
Mr McKeon said the company had attracted strong interest from variety of investors but dismissed talk of AFG being in the sights of banks.
Back in May the AFG founders failed to regain control of their company with minority shareholders holding on to 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, according to The Age back in May
When AFG launched the buyback 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 remains a 10 per cent shareholder of AFG while Allianz and Tower hold 5 per cent each.
The remainder of the group is held by current and former staff.
