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Cromwell Group (ASX:CMW) has bought a 50 per cent stake in New Zealand property and fund manager Oyster Group.
The Australian property and fund management group believes the acquisition will provide a solid platform for its expansion into New Zealand.
Oyster Group has more than $NZD650 million, or about $AUD591 million, of property assets under management.
Cromwell Group will pay $NZD5 million, or about $ AUD4.5 million, for the stake with an extra $NZD2.5 million, or $AUD2.3 million, being payable over the next two years upon achieving targeted financial performance.
The remaining 50 per stake will continue to be held by Oyster Directors.
Cromwell Group reported a net profit of $86.7 million in the first half of the 2014 financial year.
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Last
44.0¢ |
Change
-0.010(2.22%) |
Mkt cap ! $1.152B | |||
| Open | High | Low | Value | Volume |
| 44.5¢ | 45.0¢ | 43.0¢ | $851.3K | 1.937M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 104250 | 43.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 44.5¢ | 307500 | 3 |
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| Last trade - 16.10pm 12/08/2025 (20 minute delay) ? |
| CMW (ASX) Chart |