Spring FG announces IPO
Non-aligned licensee Spring Financial Group has announced it is heading towards an initial public offering of its shares.
A Spring FG statement said the firm has opened pre-registration for a prospectus it is preparing to lodge with ASIC in preparation for an IPO of its shares.
Spring FG managing director Keith Cullen said that in addition to members of the public, the offer will be open to the firm's clients, including “database members of the Wealthadviser Financial Education Library”.
“Subject to details in the prospectus clients of Spring Financial Group as well as members of the public that pre-register by 30 November 2014 can be allocated more shares than those that don't pre-register, if they decide to apply for shares when the Offer opens,” Mr Cullen said.
Spring FG added that only Australian residents are invited to pre-register for the share offer and that the board has added the company, along with its advisory staff, are “prohibited from providing either general or personal advice” to retail clients about the share offer.
“[This is because] it may give rise to a conflict of interest. Spring FG clients are advised that they should contact another suitably qualified adviser should they require advice regarding pre- registration, the Offer (when it is available) or the Prospectus,” a statement from Spring FG said.
“Further details of the offer will be provided in the Spring FG share offer prospectus which is expected to be available in late November or early December this year with the Company then expected to list on the ASX in January 2015,” Spring FG said.
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