More high-level changes at Plan B as takeover progresses

appointments/mergers-and-acquisitions/chief-executive/IOOF/chief-financial-officer/australian-securities-exchange/cent/

10 October 2012
| By Staff |
image
image
expand image

Following last month's departure of chief executive Andrew Black there have been three departures from the Plan B board, while IOOF's takeover offer has also progressed to the compulsory stage.

Black departed on 28 September because the role of Plan B chief executive was made redundant, one day after an announcement to the Australian Securities Exchange that IOOF's takeover offer had become unconditional.

Yesterday Bryan Taylor, Craig Lubich and David de Burgh stood down from the board, while IOOF managing director Chris Kelaher and IOOF chief financial officer David Coulter were appointed to the board.

On 27 September IOOF declared its takeover offer unconditional and also announced that its relevant interest in Plan B had increased to 89.3 per cent. 

On October 4 it announced that interest had increased to more than 96 per cent and that it would be proceeding with a compulsory acquisition of the remaining shares.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS