PIS shareholders to vote on listing
By Craig Phillips
ProfessionalInvestment Services (PIS) shareholders will decide on whether to publicly float the group at its annual general meeting in October, with strong profit growth this year triggering the level required for shareholders to vote on the matter.
The vote comes a year ahead of schedule following the group estimating that its profits will be $4 million above the amount required for the financial year just ended, PIS chief executive Robbie Bennetts says.
The future corporate structure will be decided by the more than 400 financial planners, advisers and accountants that hold a stake in the firm.
“This will be the last foreseeable chance for planners to join and enjoy the financial benefit of rolling some of the value of their business into an entity that leverages up the value of their current assets.
“This time the advisers would benefit greatly unlike when Sealcorp was sold to St. George, RetireInvest, Advisor Group and Bleakleys’ to ING and other companies such as Financial Wisdom to an institution,” Bennetts says.
In addition to the ambition to list, Bennetts adds the company is also seeking further acquisitions and will be providing additional funding for existing branches seeking to expand their business through acquisitions.
“This is good news for our existing people who have enjoyed an increase in earnings this year of more than 50 per cent on average. With current strategies delivering strong results, we are expecting a similar increase for our branches over the next 12 months,” he says.
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