CFS execs to fight writs
Writs were served on the three proposed Consolidated Financial Services (CFS) directors just before Christmas, claiming unlimited damages over a number of issues
Writs were served on the three proposed Consolidated Financial Services (CFS) directors just before Christmas, claiming unlimited damages over a number of issues.
The three, Kevin Bailey of The Money Managers, John Randle of Hattersley Maxwell Investment Services and Deborah Rognlien of Rognlien Clark Financial Services are named in the Victorian Supreme Court writ.
All three have said they will vigorously defend the writ for which no hearing date has been set as Money Management closed for press.
CFS had proposed to list last November but the listing was abandoned after attracting the minimum number of shareholders.
At the time of the listing, subscribers to the CFS float received a letter from CFS director David Craig saying that two of the proposed directors, Bailey and Randle, “had withdrawn their consent to act”.
The third proposed director, Rognlien, had threatened to approach the Supreme Court for an order restraining the company from listing, the letter said.
Last week all three confirmed these claims to Money Management.
CFS had hoped to raise $1.4 million by issuing 360,000 preference shares in addition to those issued to the dealer groups involved with the company.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
