Trust reports profit as board chair remains
The Trust Company will hold onto its board chair, Bruce Corlett, for one more year as it seeks to conclude the takeover offer presented by Perpetual, while also suspending activities that were to recruit new non-executive directors to the board.
Trust made the comments as part of its annual general meeting where it reported that it had made $11.7 million in net profit after tax and paid dividends of 30 cents per share on a fully franked basis.
In his speech as board chair, Corlett stated Trust had sought to renew its board and had identified a number of new directors to replace those set to leave the board in 2014. However the initial take-over offer by Equity Trustees had put this on hold.
Corlett said he had planned to stand down at today's meeting, but given the take-over offers on the table and the recent change of chief executive from John Atkin to Shailendra Singh, he would remain as chair for one year, at the invitation of the board.
At the same time, discussions with new potential non-executive directors have been put on hold pending the results of the take-over offers presented by Equity Trustees and Perpetual.
Trust's board has repeatedly recommend its shareholders reject the Equity Trustees offer and vote for the Perpetual offer. It has put in place an agreement with Perpetual for it to wholly acquire the shares of Trust.
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Riley James, founder and chief executive of fintech SuperAPI, about creating a superannuation ecosystem and potential changes from the Quality of Advice Review.
In this new episode of The Manager Mix, host Laura Dew speaks to Anthony Kirkham, head of Asia-Pacific investment management at Western Asset to delve into everything fixed income in a world of rising interest rates.