02/07/2009

Perth mortgage broking acquisition

Plan B Group Holdings Limited (“Plan B” or the “Company”) is pleased to announce that is has acquired the business of the Perth based mortgage broker, Aspire Finance (WA) Pty Limited (“Aspire Finance”).

Aspire Finance’s loan book of approximately $230m, together with three contract loan writers, will add scale to Plan B Finance’s current mortgage broking operation and increase its client service and business-writing capacity. The acquisition will be financed from the Company’s existing banking facility along with the issue of 100,000 ordinary shares in Plan B.

Denys Pearce, Managing Director of Plan B, said: “After an extensive search for the appropriate finance business to help grow Plan B Finance, we are very happy to have acquired Aspire Finance. It is a sound business catering to a range of clients from young investors starting out to higher net worth individuals. We look forward to supporting them, not only with access to mortgage and other debt products, but with our full range of complementary wealth management services.”