DKN merger finalised; board consolidated
DKN Financial Group was officially removed from public listing yesterday and five non-executive board members resigned from the group.
A scheme of arrangement between DKN and its shareholders and IOOF was implemented, with shareholders being paid 80 cents per ordinary share in DKN, which is expected to be dispatched on Thursday, according to a statement to the Australian Securities Exchange.
As part of the scheme agreement five non-executive DKN board members resigned their positions: Rob Hunwick, Peter Dunn, Greg Johnstone, Chris Rutherford and Ken Wright.
IOOF chief financial officer David Coulter has been appointed to the board, while DKN chief executive Phil Butterworth and IOOF managing director Chris Kelaher will remain on the board.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
