SFG Australia has urged shareholders to vote in favour of the IOOF acquisition, claiming the deal will bring quality of advice benefits.
In a communication to the ASX yesterday, SFG’s directors listed the upsides of the proposed scheme, after registering an explanatory memorandum with ASIC.
“[SFGA’s] directors acknowledge the merits of consolidation in the financial services industry and recognise that a combination of IOOF and SFGA has the potential to create significant value for SFGA shareholders and also to provide benefits for clients of the combined group, such as access to additional products and services,” said SFGA chairman Peter Promnitz.
The proposed scheme will result in “best of breed advice” being provided by staff of the new consolidated entity, Mr Promnitz added, as well as “scale and competitive advantage”.
Mr Promnitz said the directors “unanimously recommend that [shareholders] vote in favour of the scheme”, a sentiment that was seconded by IOOF chairman Roger Sexton in a separate statement.
“On behalf of the IOOF board, I encourage you to vote in favour of the scheme and look forward to welcoming you as an IOOF shareholder,” Dr Sexton said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
13 Dec 2017Proposed ASIC penalties inappropriate: FPABy Staff Reporter
13 Dec 2017AMP QLD head of sales to departBy Aleks Vickovich
13 Dec 2017CBA's Ricky Gillespie gets $3K wrist slapBy Aleks Vickovich
13 Dec 2017Elders appoints NSW-based practiceBy Staff Reporter
13 Dec 2017Zurich outlines advice partnership with ANZBy Jessica Yun and Killian Plastow
13 Dec 2017ASIC gets glowing report card for MoneySmartBy Staff Reporter
- view all