Count to list Countplus despite markets
Accountancy-based financial planning dealer group Count Financial has signalled its intention to list its Countplus accounting franchise offshoot on the Australian Securities Exchanges (ASX) as soon as practicable after November 1 next year.
The move was announced by the executive chairman of Count, Barry Lambert, who said it was intended that Countplus’ capital raising of around $20 million would be fully underwritten by Count, so market conditions would not be a material consideration in the listing date.
Lambert also confirmed a further downgrade in Count’s profit guidance from down 20 per cent to down around 30 per cent.
The listing strategy for Countplus came at the same time as Lambert announced that it was continuing to grow, with seven businesses currently undergoing due diligence and a number of others in the pipeline.
However, he said from early next year Countplus’ focus would be on the listing and practice rather than acquisitions.
Lambert said the Count Growth Profit System was expected to be the platform for the Countplus accounting franchise after listing.
AUTHOR
Mike Taylor
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