Peregrine seeks targets with war chest
Group pays maiden interim dividend
Peregrine Holdings’ disposal of its structuring and broking businesses has left it with a war chest of nearly R1bn to fund its expansion, CEO Rob Katz said. The transaction became effective on October 1, leaving Peregrine with as much as R800m to deploy into its remaining businesses. “We won’t buy for the sake of buying,” Katz said after the publication of financial results for the six months ending September. “We are always looking to acquire businesses that would add bulk to our existing businesses at the right price, but it is a tough market in which to do acquisitions.” Peregrine declared a first interim dividend of 85c a share.
The remaining businesses comprise local “wealthcare” manager Citadel, and UK-based wealth and fiduciary firm, Stenham, both of which Peregrine owns outright. It also has stakes of about 50% in Peregrine Capital , which runs a portfolio of hedge funds, and corporate finance advisor Java Capital. While there are no obvious candidates to acquire, Kat...