Contango Microcap looks to tidy up
In what appears to be a mopping up exercise, Contango Microcap Limited announced to the Australian Securities Exchange (ASX) late yesterday that it intended making a second off-market takeover offer to acquire all of the ordinary shares in Contango Capital Partners.
The move represents a follow-on from the company's initial, late-2011 takeover move which resulted in it acquiring a controlling stake of 74.8 per cent.
In the ASX announcement, the company said it expected its offer for the company would be open for one month and it would not be subject to conditions.
It said that if it was entitled to do so under the Corporations Act, it would then proceed to compulsorily acquire all Contango Capital Partners shares that it did not own at a price of 95 cents a share.
Contango Capital Partners Limited owns a 49.99 per cent interest in Contango Asset Management Limited (CAML) - the manager of both the Contango Capital Partners and Contango Microcap Limited investment portfolios.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
