GBST shareholders vote for sale to FNZ

15 October 2019
| By Mike |
image
image
expand image

Shareholders in publicly-listed financial services technology company, GBST have overwhelmingly voted in favour of the acquisition of the company by New Zealand-originated and UK-based player, FNZ.

A meeting of shareholders voted in favour of the transaction which saw the company, originally founded in Wollongong, valued at $3.50 per share.

The outcome sees one of the company’s founders and its current chief executive, Rob DeDominicis, benefit to the tune of a cash payment of up to $490,000 under the terms of the company’s long-term and short-term incentive plan as well as the value of 699,055 GBST shares and 1,509,436 GBST options.

The acquisition scheme remains subject to court approval but it is expected that shares in GBST will cease trading on the Australian Securities Exchange (ASX) this Friday.

The shareholder vote came less than a week after GBST announced to the ASX that its former chief executive and managing director, Stephen Lake, had won a legal case concerning the termination of his employment in 2016.

The company said that Lake had alleged GBST owed him $2.6 million in connection with the termination and that the court had found that he was entitled to his claim of $2,2225,205.04 plus interest.

GBST said at the time of the judgement that it was reviewing its options.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago