Ann: Sale of shares in Guzman y Gomez, page-13

what are you talking about "selling this to themselves"

they are selling this to an entity seeded by barrenjoey (i.e. it will be an injection of capital from barrenjoey, but mainly client money looking for a private investment into gyg and/or similar type of assets) and this is beneficial to MFG in a number of ways:
- it offloads an asset they hold at a capital gain and frees up cash
- it generates most likely an advisory fee for barrenjoey for the transaction (MFG get 40% of the net profit from barrenjoey)
- barrenjoey set up an investment trust which they presumably will earn a margin for from their clients (again, MFG benefits as they get a 40% share of any profits)

this is not that difficult.......clients can choose to invest in this trust and the onus is on them and the client advisor from barrenjoey, but MFG can wipe their hands clean with $140m in cash and a $34m/36% gain in ~16 mths.......shareholders should be estatic with that deal

wait until you find out how well barrenjoey fares as an investment for MFG....4th in the M&A league tables last year and top spot this year. And Barrenjoey is ~2yrs old so what happens when they start hitting their strides. Work out how much a full service investment bank is and then look at the fact that barrenjoey is worth $400m......in a highly liquid and active market.
https://www.copyright link/companies/financial-services/barrenjoey-jumps-to-top-spot-in-m-and-a-after-ramsay-bid-20220505-p5aiwb