OneVue has confirmed it will be taking over dealer group Madison Financial Group after receivers were appointed to its parent company Sargon Capital earlier this week.
On Wednesday, the receivers appointed to Sargon, Chris Hill and Daniel Walley of PwC, were reported to secure Sargon’s holdings in Sequoia, representing a 19 per cent stake of the total ordinary shares.
The shares were estimated to be worth approximately $4.6 million, based on Tuesday’s closing price of 20 cents per share.
In a statement to the ASX, OneVue said it and the receivers will be working with Madison to enable a sale of the business, such that the business can continue to operate on a stable footing without unnecessary distractions.
As part of this process, the Sargon rebranding of Madison has ceased and will continue to operate under the Madison name.
Further, OneVue said the operating business of Madison is not subject to any form of insolvency proceedings and it continues to operate on a business-as-usual basis.
“The Madison Group is an important client of OneVue. We have known most of the Madison advisers for many years and we care about them and their businesses,” said OneVue managing director Connie Mckeage.
“The group has been through quite an unsettling couple of years and our main aim is to enable the advisers to get on with the day-to-day servicing of clients without interruption.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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