StateWest investors net $45m in Home share sale

Former Statewest Credit Society Ltd shareholders have made $45.4 million through the sale of 3.3 million shares in Home Building Society Ltd, following the merger of the two groups late last month.

Over 13,500, or 20 per cent of StateWest members elected to make good on the offer to sell the 237 shares in Home they received for each StateWest share they held upon completion of the merger. Conducted through stockbroker Euroz Securities Ltd, the Home shares sold at $13.90 each - a price determined by an institutional bookbuild.

The 3.3 million shares sold went primarily to institutional investors, with the shares being transacted on the stock exchange today.

The company expects to dispatch cheques, worth about $3,518 for a holders of a single Statewest share, to participants in late July.

Home shares closed yesterday at $14.10.