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
With Finchley & Kent coming in second place for adviser growth in 2024, its managing director shares why word-of-mouth referrals have been critical to its success.
The platform market is more likely to grow than consolidate in the upcoming years, according to platform expert Recep Peker, as the adviser cohort becomes a valuable target market.
Advice veteran Paul Harding-Davis is to step down from Brisbane licensee AdviceIQ Partners after eight years, and the business has appointed a new general manager.
Insignia Financial has looked internally to appoint its chief technology officer, completing the executive team announced to implement its new operating model last July.
