Clime takes Madison
Clime Investment Management is the new owner of Madison Financial Group.
The company, which flagged its bid for Madison last month, announced to the Australian Securities Exchange today that it had it had signed a share sale deed for the acquisition.
The share sale deed assumes a total expected consideration of around $5 million of which $2.5 million is subject to a two-year escrow arrangement which reduces to $1.25 million after 12 months.
OneVue said that completion of the transaction was conditional upon consent for the sale from Chinese Government entity, Taiping Trusteees Limited.
Clime said it was pleased to announce the signing of the agreement and the completion of a $4.5 million share placement.
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
