Count delays listing
Count Wealth Accountants’ decision to delay its listing until November is not a backward step, according to its current owners.
Count Wealth Accountants’ decision to delay its listing until November is not a backward step, according to its current owners.
The group, recently listed as the second largest advisory dealership in Money Management’s Top 100 Dealer survey, had originally hoped to list in the first half of this year. However, concerns over the impact of the goods and services tax (GST) on its 1000 proper authority holders has meant the planned listing has been delayed.
“We thought if you are slowing down the business, you can’t do it (list) before such a major uncertainty because that would be immoral,” says Count’s managing director Barry Lambert.
“It’s not a delay. We’re being prudent,” deputy managing director Kylie Lambert adds.
Count has recently appointed Len Spencer, formerly of the Commonwealth Bank, as chairman. Barry Lambert says the group is speaking to other potential directors, with a decision on the final makeup of the board coming within the next few months.
Accounting group Ernst & Young are advising Count on the listing, with a legal firm (possibly Mallesons) set to be appointed in the next few days.
The aim of the listing is “to give equity to members”, says Kylie Lambert. The group is also exploring the possibility of offering its members options, Lambert says.
“We are offering incentives by way of share allocation and all members will get something,” she says.
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