Former OnePath Life boss gets retirement job
Tuesday, November 18th 2014, 12:11PM
Jeremy Nicol, who was managing director at ING Insurance, before it became OnePath Life, and was also a general manger at ANZ Wealth has been appointed chief financial officer at Arvida Group.
Arvida is a new national retirement village group of 17 villages and aged care facilities which is looking to raise up to $80 million in a share market offering.
The proceeds of the offer will be used to partially pay down debt, to provide a small amount of liquidity for existing shareholders, and to meet the costs of the offer. On completion of the offer existing investors, including directors and senior management, will own approximately 60% of the shares in Arvida and be subject to escrow agreements until 31 May 2016.
Arvida’s prospective financial information is projecting a net profit after tax of $10.6 million, and underlying profit of $13.2 million, for the first full year of operations ended 31 March 2016. The Board intends to pay quarterly dividends amounting to 60-80% of underlying profit per annum. The first dividend is scheduled to be payable for the quarter ending 31 March 2015 and total cash dividends anticipated to be declared in FY16 plus imputation credits are expected to deliver a gross dividend yield of 5.7% to 6.0% across the indicative offer price range.
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