Centrepoint responds to Diverger bid

Centrepoint Alliance has issued a response to the takeover bid by Diverger but believes the offer fails to fairly reflect the firm’s strategic value.

In an announcement to the Australian Securities Exchange (ASX), Centrepoint Alliance said it was pleased the bid highlighted the firm’s inherent value but that it did not reflect the strategic value.

It also highlighted the firm’s merger and growth plans and how these had progressed over the past few months. This included the integration of the ClearView’s Advice business and diversification of revenue by Centrepoint Lending.

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“Centrepoint demonstrated its ability to execute its growth strategy by successfully completing and efficiently integrating the acquisition of ClearView’s Advice business in November 2021, as well as being one of the few licensees to achieve net adviser growth in this financial year, at a time during which many licensees lost significant advisers.

“Centrepoint is well advanced with plans to accelerate growth and diversify revenue by leveraging other capabilities such as Centrepoint Lending, scaling its investment business by extending its managed account offering and investing in financial services technology to improve its efficiency of its advice process.”

The firm said it was pleased the Diverger bid was a “collaborative approach” to build a stronger business with the opportunity to participate in future growth.

The Centrepoint Alliance board would meet to discuss the bid this week.

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Buying an unprofitable business and then stripping all the costs out and pulling back on services is hardly what I would call 'executing on a growth strategy'.

Geez bold time to be buying an AFSL isn’t it? If direct licensing comes in, you’re buying a managed account and a list of names you now need to charge for your back office services.

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