OneVue still trying to get a Sargon return
The sale of the Sargon operating business may have been completed for $29.6 million, but OneVue has acknowledged that it still does not know how much of this will be returned to the OneVue bottom line.
In an announcement to the Australian Securities Exchange (ASX) in the wake of the Sargon transaction, OneVue noted that the Federal Court had imposed a timetable for determining the claims of the Voluntary Administrators, OneVue and Westpac.
It said that on 15 May, OneVue and the other claimants would have to submit a notice of claim over the sale proceeds and that on 29 May the Voluntary Administrators would have to respond to the claims with legal submissions backing the claims being filed by 12 June before the matter returns to court on 15 June.
OneVue said it would not be in a position to estimate what it might be able to recover until that process was completed.
In the meantime, OneVue said it still expected to complete the sale of Madison Financial Group before the end of May.
Money Management understands there are two bidders still in the running to acquire Madison.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
