Homeloans shareholders vote confirms merger with Resimac
Homeloans Ltd shareholders have voted in support of a proposed merger of the company and another mortgage specialist, Resimac.All resolutions were passed at an extraordinary general meeting yesterday, paving the way for the implementation of an agreement under which Homeloans will acquire all the shares in Resimac and issue new Homeloans share to Resimac shareholders.The deal, first announced in July, is a reverse takeover, which will result in Resimac shareholders owning 72.5 per cent of the merged entity. Resimac chief executive Warren McLeland will be appointed managing director.The deal ensures that the merged entity will be a listed company (Homeloans is listed on the Australian Securities Exchange, Resimac is not).National Australia Bank and Macquarie Group have stakes in Homeloans.An independent expert's report concluded that the transaction was not fair but it was reasonable in the absence of a superior proposal.The merged group will have a loan portfolio worth more than A$13 billion and originations of around $3 billion a year.