MFS resists EGM move
Troubled financial services group MFS Limited is seeking legal advice on whether it is required to hold a general meeting at the instigation of one of its larger shareholders, Chris Scott.
The company has notified the Australian Securities Exchange that MFS has been notified by interests associated with Scott that a general meeting has been called by him for April 7 under section 294F of the Corporations Act.
MFS said it was taking legal advice as to the validity of calling the meeting and that any shareholders that had received material from interests associated with Scott should “not take any action at this time”.
Reports have suggested that Scott is seeking the extraordinary general meeting to remove the existing board.
AUTHOR
Mike Taylor
Recommended for you
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.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
