IOOF passes 50 per cent ownership of Plan B
IOOF Holdings now owns 52.9 per cent of the ordinary shares in Plan B and the board has unanimously recommended other shareholders accept IOOF's offer for all remaining shares.
In a statement to the Australian Securities Exchange (ASX), Plan B urged shareholders to accept the IOOF offer without delay. The current offer is scheduled to close at 7pm on 11 September.
Directors also advised shareholders that no other offer had been made for the Plan B shares, and that they are not aware of any other party intending to make another offer in the future.
Plan B shares have not traded on the ASX at a value greater than the offer price since the offer was announced on 13 July, according to the statement.
Directors also warned the share price may drop below current levels if the current offer lapses and no new offer is received.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
