Clime takes Madison

Clime-Investment-Management/Madison-Financial-Group/ASX/acquisition/OneVue/

3 June 2020
| By Mike |
image
image image
expand image

Clime Investment Management is the new owner of Madison Financial Group. 

The company, which flagged its bid for Madison last month, announced to the Australian Securities Exchange today that it had it had signed a share sale deed for the acquisition. 

The share sale deed assumes a total expected consideration of around $5 million of which $2.5 million is subject to a two-year escrow arrangement which reduces to $1.25 million after 12 months. 

OneVue said that completion of the transaction was conditional upon consent for the sale from Chinese Government entity, Taiping Trusteees Limited

Clime said it was pleased to announce the signing of the agreement and the completion of a $4.5 million share placement. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 4 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3