OneVue still trying to get a Sargon return

OneVue sargon sale ASX australian securities exchange transaction westpac Madison Financial Group

6 May 2020
| By Mike |
image
image
expand image

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.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 22 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 20 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 23 hours ago