Stocks of the Hour: Westpac, HomeCo & Rhipe

Company News

by Lauren Evans

Westpac (ASX:WBC) announced that it has agreed with Fidelity life assurance company to sell their New Zealand life insurance for $373 million and enter into a 15-year agreement for the distribution of life insurance products to Westpac’s New Zealand customers. Fidelity life assurance company is New Zealand’s largest locally owned life insurer. Shares in Westpac Banking Corporation (ASX:WBC) are trading 0.4 per cent higher at $25.63.

HomeCo Daily Needs REIT (ASX:HDN), have announced the successful completion of the underwritten institutional placement announced on Monday, raising approximately $70 million. The proceeds from the placement will be used to fund the acquisition of a 100% interest in the Town Centre Victoria Point shopping centre, located in Queensland. Shares in HomeCo Daily Needs REIT (ASX:HDN) are trading 3.2 per cent lower at $1.45.

Cloud services company Rhipe (ASX:RHP) announced that they have entered into a binding scheme implementation deed with global IT consultancy Crayon. The scheme proposes that Crayon will acquire 100 per cent of the shares in Rhipe. Shares in Rhipe (ASX:RHP) are trading 0.4 per cent lower at $2.51.

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