GBST shareholders vote for sale to FNZ
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.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
