Intiger announced on the ASX last week that it had secured an MOU with NAB Financial Planning.
According to that statement, the deal would see the two entities conduct a range of mock client Statement of Advice (SOA) processes and assess Intiger’s paraplanning and advice creation capability.
After NAB flagged issues with the wording of the announcement, Intiger has now issued a new statement to the ASX, saying it has entered into a summary of understanding with NAB, not an MOU.
“The company wishes to clarify that, although the ASX release of 1 March 2017 describes the arrangement between the company and NAB Financial Planning as a non-binding memorandum of understanding, the actual title of the document setting out the terms of the arrangement is ‘summary of understanding’,” the statement said.
“The company wishes to confirm that the payment in respect of this initial pilot program is immaterial and that the initial pilot program may or may not lead to a longer term relationship.”
According to a document with a list of responses to questions posed by the ASX, the value of the services provided by Intiger is $800.
However, the deal is considered to be material as “it represents an opportunity for [Initger] to build a relationship with a leading financial entity,” the company said.
Not long after the initial announcement, NAB reached out to ifa to refute the existence of an MOU.
An official NAB spokesperson said, “NAB has discussed overflow paraplanning service options with a range of companies for when client demand exceeds our internal capacity, including with Intiger.
“However, NAB has made no decisions on whether we will pursue any of these options and there is no MOU in place.”
NAB’s response resulted in Intiger shareholders taking to the ifa comment section to express their shock, with some even accusing this publication of fabricating NAB’s comments.
Intiger then requested a trading halt of its securities, but not before its share price fell on the back of NAB’s response.
The engagement between NAB and Intiger is slated to begin this week.
IAM is led by world class management and have a product and service financial planning practices NEED. They are also one of the best companies to invest in on the ASX as they always listen to shareholders and provide great feedback. IPAC WA won the highest award in the industry and Patrick Canion has said that IAM services was a massive factor in that.
“Fake news!”..I think you guys need to rethink the “independant” wording in your title.
Whatever else can be said, the 40% reduction in back office expenses will see any of the other big FP IE AMP CWB come asking for a SOU MOU or whatever
PC bought the day before document signed. Gets your facts correct.
[quote=John Q]A backdoor ASX listing, followed by several months of operating at a significant loss, followed by a borderline fraudulent ASX announcement. I urge people do research on the people behind this company. [/quote]
I researched Patrick Canion and found he was the owner of the financial planners of the year. He said that lowering his costs by using IAM was a big reason for this.
I urge people to check out John Q’s credentials as well.
You are being fraudulent IFA. The MOU is still on. Read the ASX announcement. Linda, are you a reporter? You need to be more careful on what you are writing. Take this as constructive feedback.
Document signed on 9th Feb and released to asx on 28 Feb while the director was acquiring more on 9th FEB.
When asked the company denies that PC knew about the SOU ?
Looks like a big insult to the SH intelligence but then you would think that anyone with half a brain would see through this clearly ?
Well,meerkats do only have small brains.I get your point.
A backdoor ASX listing, followed by several months of operating at a significant loss, followed by a borderline fraudulent ASX announcement. I urge people do research on the people behind this company.
Jilted ex-lover are we?