Bravura mounts bid for GBST
Bravura Solutions has moved to acquire fellow financial services technology player, GBST.
Bravura announced to the Australian Securities Exchange (ASX) today that it had submitted a no-binding indicative proposal to acquire all of the shares in GBST Holdings Limited by way of a scheme of arrangement.
It said the proposed consideration was a cash payment of $2.50 per GBST share.
The Bravura proposal said the company believed the indicative proposal provided a number of benefits to GBST shareholders including an attractive premium on the current share value and receipt of a certain cash payment rather than remaining exposed to a fluctuating share price and uncertainty over future dividends.
It also cited reduced uncertainty with GBST shareholders avoiding the uncertainty and costs associated with the significant investment to renew GBST software platforms, including the E-VOLVE program to bring Composer to modern standards and the changes required as part of the ASX CHESS transition and blockchain technology.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
