Possible SFG / WHK merger progresses
A potential merger between SFG Australia (SFGA) and WHK Group, first mooted in October last year, has progressed with a written proposal to be considered.
SFGA has provided the WHK board with a non-bonding indicative proposal, with the WHK board indicating their intention to evaluate the proposal, according to a statement to the Australian Securities Exchange.
“SFGA believes that a friendly scrip based merger with WHK, with shared board and management control, will deliver substantial synergies and unlock significant value for both sets of shareholders,” SFGA said in the statement.
SFGA’s proposed merger ratio would see WHK shareholders own 42 per cent of the merged group – equating to 0.503 WHK shares for SFG shares. This represents a premium to the 39 or 40 per cent that would have resulted if either the current spot price or three month Volume-weighted average price were used, according to SFGA.
SFGA added that conversations were confidential, incomplete, conditional and subject to due diligence, with no guarantee of the transaction going ahead.
The news follows Friday's announcement that SFGA has acquired accountancy and planning group Lachlan Partners.
Former NAB adviser charged by court
An adviser formerly aligned with NAB has been charged with two offences of obtai...
Step-by-step guide to survey your customers
Please use the following step-by-step guide to share the ifa Client Experience S...
Advisers to ‘name and shame’ instos over commissions
Financial advisers across Australia are bankrolling a united effort to challenge...