Overwhelming vote for Count acquisition
Count Financial shareholders have voted overwhelmingly for the company's acquisition by the Commonwealth Bank.
A meeting of shareholders on Friday voted 94.82 per cent in favour of the schemes of arrangement.
Under the schemes of arrangement passed on Friday, all the ordinary shares in Count will be acquired by a wholly-owned subsidiary of the Commonwealth Bank, with all the outstanding options in Count being cancelled.
Under the terms of the scheme, Count shareholders will next week receive $1.40 in cash for their shares in the company or, if they elect to do so, receive shares to an equivalent amount in the Commonwealth Bank.
The Count acquisition has already received sign-off from the Australian Competition and Consumer Commission.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
