SFG shareholders back IOOF acquisition
SFG Australia Limited shareholders have voted to support IOOF Holdings Limited's proposed acquisition of 100 per cent of the company's ordinary shares.
SFG revealed that the proposal was backed by 99.43 per cent of shareholders who took part in a ballot, in a statement to the Australian Securities Exchange (ASX).
As a result of the ballot, SFG will now seek orders from the Federal Court of Australia for the approval of the Scheme at the Second Court Hearing, scheduled for Wednesday 6 August 2014.
"If the Court approves the Scheme, SFGA proposes to lodge the Court orders with the Australian Securities and Investments Commission so that the Scheme becomes effective on Wednesday 6 August 2014," the statement said.
"If this occurs, SFGA shares will be suspended from trading on the ASX at the close of trading on Wednesday 6 August 2014."
Responding to the vote, IOOF's managing director Christopher Kelaher told the ASX,"This highly complementary transaction will create the third largest advice business in Australia by funds under advice and one of the largest listed wealth management providers."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
