Mariner Corporation has bought a strategic 10 per cent stake in funds management business Viento Group.
“This is a good opportunity for Mariner shareholders to benefit from buying a strategic stake in Viento at a good price,” Mariner chief executive Darren Olney-Fraser said.
Mariner will seek a meaningful board role and intends to support management initiatives at Viento which will see a more aggressive growth strategy for the company, he said.
“We aim to refocus the company’s efforts on enhancing shareholder value, and delivering improved returns to unitholders in the property trusts which Viento manages,” he said.
“We will fund the acquisition of the Viento stake by a placement in Mariner shares and details of this placement will be announced imminently.
“In the meantime, we are continuing to pursue other opportunities to acquire strategic stakes in other target companies and look forward to reporting further acquisitions during the next few months.”
Viento was established in 2001 as an Australian Securities Exchange-listed funds management and property services company.
The group has around $225 million in assets under management and specialises in unlisted direct property investments for both retail and institutional investors.
Olney-Fraser said Mariner successfully acquired its stake in Viento from ASIC in a formal tender process. “ASIC had previously confiscated that parcel of shares from a group of Viento shareholders after the Takeover Panel had determined that the shareholders failed to disclose they were associates holding more than 20 per cent between them,” he said.
In November 2010 Stanfield Funds Management acquired a strategic stake in Mariner.
