IWL boasts success to lure JDV shareholders
Advisory software and research provider IWL tried to keep shareholders of stock broking firm JDV keen on a takeover bid yesterday by posting an extraordinary monthly earnings update that showcased strong operating performance.
For the half year to the end of February, IWL’s interim earnings were up 48 per cent on last year, a result chief executive Otto Buttula hopes will help entice JDV shareholders and aid his crusade to become a player in the Australian stock broking market.
In February 2005, IWL also made a play for Rivkin Financial Services (RFS) owned stock broking company, Avcol Stockbroking.
The acquisition of Avcol is subject to the approval of shareholders of RFS, of which IWL is a large shareholder, at a general meeting to take place on April 28.
In order to keep JDV shareholders informed of IWL’s performance, IWL has released extraordinary interim earnings updates for the first eight months of the 2005 financial year. The last one will detail earnings for March 2005 and will be released in mid April.
IWL’s take over offer for JDV will close on 29 April if it is not extended.
Of yesterdays results Buttula said:
“The strong result continues to be supported by robust ASX market volumes, a better contribution from Advisory Software and the successful integration of the ACS Group, which was purchased less than a year ago.”
In the advisory software space, IWL is the owner of the VisiPlan, VisiWeb and BizmaX financial planning software products.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
