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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Monday, 01 June 2020

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Borrow

Fox sees value in Aussie fintech business

By Cameron Micallef · August 05 2019

Reading:

Borrow

Fox sees value in Aussie fintech business

By Cameron Micallef
August 05 2019

Reading:

Fox sees value in Aussie fintech business

By Cameron Micallef · August 05 2019

Reading:

A household name in the broadcasting world has expressed interest in fintech, having struck up a deal to acquire an ASX-listed consumer finance business.

Fox Corp said it had entered a deal to acquire the ASX-listed company known as Credible Labs, which is a digital platform that gives consumers the opportunity to compare rates and providers of student loans, personal loans and mortgages.

With Credible’s shares last closing at $2.06, a statement noted that Fox has offered investors a 31 per cent premium as an incentive to sell, which will see shareholders offered $2.21 per share.

The broadcaster’s executive chairman and CEO, Lachlan Murdoch, said Fox would benefit from Credible’s reach and scale.

“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasises direct interactions with our consumers to provide services they want and expand their engagement with us across platforms,” he explained.

As part of the transaction, and subject to certain approvals from the Australian Securities Exchange (ASX), Credible founder and CEO Stephen Dash would exchange shares equal to 33 per cent of Credible’s outstanding common stock into units of a newly created Fox subsidiary.

The agreement would also see Mr Dash continuing to serve as Credible’s CEO.

“Fox Corporation’s record of innovation and focus on audience engagement will further enhance Credible’s position as a leading consumer finance marketplace in the United States, creating opportunities for organic growth and the expansion of the Credible platform,” Mr Dash said.

The transaction is expected to close in the fourth quarter of the year and is conditional to a majority vote of all Credible shareholders, as well as a majority vote of all shareholders other than Mr Dash and his affiliates.

Regulatory approval from the ASX and other customary closing conditions will also be required.

Following the equity purchase, expected to be $389 million, Fox said it would commit up to $110 million in cash to fund Credible’s operating needs over the next two years.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.