Waltus merger continues
Property investment group Waltus will continue with its plans to merge 27 of its syndicates into one company, following the refusal of New Zealand’s High Court to issue a stay against the process.
A group of dissident Waltus investors headed by financial adviser Murray Weatherston and accountant Brian Moyle had sought to halt the merger while an appeal was pending.
However, the judge, Master Thomson, ruled the stay would disadvantage the majority of Waltus shareholders and would cause commercial uncertainty.
He also said the merger had almost been completed and it would be wrong in principle to order a stay.
The dissident group, representing about 3 per cent of Waltus shareholders, have lodged an appeal against the merger that is set down for hearing on December 4.
Moyle says he is optimistic an appeal would back up the dissident group's demands.
"I'm confident we have strong grounds for appeal," Moyle says.
"Three senior judges may have a better understanding of the issues."
Waltus financial controller Hamish Plimmer says it is disappointing the objectors are continuing in their "desperate battle" to halt the merger.
"Only three per cent of shareholders are objecting and that isn't enough of a mandate to stop the merger," Plimmer says.
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
