Seniors Money would sell 9.4% Heartland stake when escrow lifts

Tue, 16 Sep 2014

By Jonathan Underhill Sept. 16 (BusinessDesk) - Seniors Money International, which sold its 'home equity release' mortgage business to Heartland New Zealand for $87 million this year, would sell the 9.4 percent stake it got in the lender as part payment once a 12-month lock-up ends for the shares. Auckland-based Seniors, which counts buyout firm Quadrant Private Equity as its biggest shareholder, got $47.3 million cash and 43 million Heartland shares issued at 90 cents apiece for Sentinel New Zealand, the nation’s biggest HER mortgage pro...

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