IDT to list on ASX
Financial planning software and research group Investment Data Technologies (IDT) will proceed with a public listing in October next year according to managing director Danny Rodgers.
Speaking at the group's annual conference at the weekend, Rodgers says the decision to float has been arrived at after more than 12 months of discussions.
IDT client services executive Newman Borg says a formal decision has now been reached with the expected timing of the float to be in October 2001.
"This is something the group has thought about long and hard and have decided to float after this discussion process and not just to make the most of a good market," Borg says.
Borg says a workgroup is in place and new staff have been recruited. The group would also soon be looking for accountants and lawyers as part of the process of moving to a listing.
Advisers who use IDT software and IDT clients will be invited to participate in the listing with capital raised used for further software development and expansion of the business in Australia and offshore markets.
Rodgers also announced that IDT was in the process of formalising a number of data exchange deals with InvestorCities, Ausmaq, Sanford Securities and Standard & Poors.
AUTHOR
Jason Spits
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.
