DKN merger finalised; board consolidated
DKN Financial Group was officially removed from public listing yesterday and five non-executive board members resigned from the group.
A scheme of arrangement between DKN and its shareholders and IOOF was implemented, with shareholders being paid 80 cents per ordinary share in DKN, which is expected to be dispatched on Thursday, according to a statement to the Australian Securities Exchange.
As part of the scheme agreement five non-executive DKN board members resigned their positions: Rob Hunwick, Peter Dunn, Greg Johnstone, Chris Rutherford and Ken Wright.
IOOF chief financial officer David Coulter has been appointed to the board, while DKN chief executive Phil Butterworth and IOOF managing director Chris Kelaher will remain on the board.
Recommended for you
Minister for Financial Services, Stephen Jones, has said he did not expect backlash to changes around advice fee deduction and believes the second tranche will have greater impact, committing to enact it by May 2025.
Financial adviser numbers are “back in black” for the year to date, thanks to 50 new entrants joining the industry over the last four weeks.
An equity partner firm of Count has purchased a Brisbane-based accounting business for nearly $1 million, as Count drives forward its inorganic growth momentum.
Australia’s looming intergenerational wealth transfer remains a crucial opportunity for financial advisers, with 14 per cent of consumers looking to transfer $1 million or more.