Superwoman founder favours Westfin rescue package

The founder of failed Superwoman Financial Solutions Group, the financial services organisation directed at females, Tim Harrison, has thrown his support behind the acquisition offer proposed by finance company Westfin Australia as his preferred rescue mechanism for the group.

Westfin has offered to acquire the beleaguered operation for $3 million, which includes payment in full to both creditors and shareholders alike.

The Westfin proposal represents an alternative to the earlier offer to purchase the group from ING-owned dealer group Millenium3 for $2 million without the inclusion of payments to shareholders.

Apart from the fact the monetary amount associated with the Westfin offer is significantly higher than the Millenium3 deal, Harrison feels there are other features that make it more attractive.

“At this point, Millennium3 has put forward no proposal that will enable the successful financial advisory and mortgage broking group to emerge from administration,” he said.

“Westfin has advised me it will inject further finance into Superwoman to fund acquisitions and organic growth to ensure its ongoing success,” Harrison explained.

Creditors of Superwoman will have on opportunity to assess the Westfin offer at a meeting on May 30.

Superwoman was placed into receivership in late April when 50 per cent stakeholder Millenium3 decided to discontinue funding to the group.

Earlier, Harrison offered to contribute $800,000 of his own money in order to help pay creditors of Superwoman who had outstanding amounts owing to them.