Overwhelming vote for Count acquisition

28 November 2011
| By Mike Taylor |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 2 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 3 days ago