Rock and MyState merger implemented
The merger between The Rock Building Society (Rock) and MyState Limited has now been implemented, with all shares in Rock transferred to MyState and the appointment of new company directors.
Under the scheme of arrangement, the new MyState shares have been registered in the names of scheme participants and issued to Baillieu Stockbroking Limited as sale nominee.
Now a wholly-owned subsidiary of MyState, Rock stated that holding statements are expected to be despatched by 14 December 2011, with trading in the new entity to commence on a normal settlement basis on 15 December 2011.
As a result of the merger, the directors of Rock have resigned, with the exception of chairman Stephen Lonie and MyState managing director John Gilbert - who commenced his role on the Rock board on 1 December 2011. Lonie has been appointed as non-executive director at MyState.
MyState chairman Dr Michael Vertigan has joined the Rock board as its new chairman, along with fellow MyState directors Peter Armstrong, Robert Gordon, Miles Hampton, Colin Hollingsworth, Ian Mansbridge and Sarah Merridew.
"Rock's operations will benefit from the greater scale and diversification of the merged group to provide customers with an attractive range of cost-effective products," Gilbert said.
"MyState will continue to invest in Rock's brand, branch network and local community."
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