By Craig Phillips
InvestorGroup has announced its share issue plans as part consideration for two accounting practices it agreed in principle to acquire in February this year.
The Melbourne-based firm, which announced its planned acquisition of NSW-based Coffs Harbour accounting group Lindsay Nevell and Duly and Grafton-based Hudson Shepherd and Partners earlier in the year, lodged its Share Issue Prospectus (SIP) with the Australian Securities and Investments Commission (ASIC) late last month.
Investor Group now has 18 underlying accounting member firms (all offer financial advice) and three specialist planning practices, after buying up nine companies to merge into its member firms over the past year.
Other practices the group has moved to acquire this year include an agreement in principle to buy Melbourne-based specialist financial planning firm Investor Care, the purchase of Sydney-based tax-accounting company Greenwood BKT and a push late last year into Queensland after buying accounting and financial planning business TCM Partners.
Under last week’s SIP offer, the group will offer the vendors of the Lindsay Nevell and Duly and Hudson Shepherd and Partners practice a collective 624,000 Investor Group shares — 260,000 for the former and 364,000 for the latter.
The issue price of the new shares will be $2.50 each and Investor Group anticipates the execution of the sales agreement to be concluded by this Friday, with the new shares to be issued on July 1.
In March last year the group also acquired four firms from the failed Stockford business — Adelaide firms Accumulus and Sanderson Blair, Sydney-practice Williams Hatchman & Kean, and Curtis & Thomas and Stewart Ruge & Walsh in regional Victoria.
