Easton ready to acquire GPS Wealth
The minority shareholders in GPS Wealth have accepted Easton Investments' conditional offer to aquire their shares, enabling the company to move to aquire 100 per cent of GPS Wealth, subject to final conditions.
Easton would seek to obtain shareholder approval to issue a maximum of 6.45 million shares at an issue price of $1.55 each, which represented the share component of the purchase price.
The extraordinary general meeting of the company would be held on 4 August and, subject to shareholder approval being obtained, directors would aim to complete the acquisition of GPS Wealth with effect from 10 August.
Post-completion, GPS Wealth’s managing director, Grahame Evans would join the Easton’s board as an executive director and would assume responsibility for the performance of the company’s expanded wealth management operations.
AUTHOR
Oksana Patron
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
