Count adds to its Mortgage Choice stake

Financial planning group Count Financial has not given up on its plan to merge with Mortgage Choice, despite the lack of interest from the broker.

Count yesterday disclosed that it made nine on-market purchases in May and so far this month it has made another five. Its holding stands at 16.5 per cent.

Count's interest in Mortgage Choice dates back to July last year. It announced that it had taken a 4.9 per cent stake and approached the company's board to discuss a merger.

The Mortgage Choice board was understood to be unimpressed with the price being offered by Count.

The Mortgage Choice share price had fallen from a peak of $2.07 in 2007 to a low of 79 cents before Count started buying.

Count offered around $1 a share in its original offer.

Mortgage Choice stock fell below 75 cents in April and May but has improved in the past few weeks.  It closed yesterday at 96 cents a share.