IOOF foreshadows acquisition capital raise

31 August 2020
| By Mike |
image
image
expand image

IOOF Limited has requested a two-day trading halt on the Australian Securities Exchange (ASX) to allow for a possible capital raising. 

The request for the further trading halt comes as speculation swirls around IOOF moving to acquire the wealth management businesses of MLC Limited. 

IOOF told the ASX today that it was seeking the two day trading halt “for the purpose of considering, planning and executing a capital raising comprising an institutional placement, an accelerated, non-renounceable entitlement offer and a share purchase plan being conducted to partially fund a potential acquisition”. 

IOOF said it expected to make an announcement as soon as possible, and prior to the opening of trading on 2 September. 

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