Fiducian to list on ASX
Financial planning and master trust group Fiducian is to list on the Australian Stock Exchange on September 7.
According to documents registered with the ASX late last week, Fiducian will seek to raise $22.4 million by selling 60 per cent of the group to the public, valuing the three year old group at $38 million.
Founder and managing director Indy Singh will retain a 27 per cent interest in the group, while the 15 financial planning dealer groups who form part of Fiducian will retain 13 per cent ownership. Former major shareholder AMP Corporation will completely sell its stake in the group in the listing.
The Fiducian prospectus documents profit to June 30, 1999 as $452,000 rising to $908,000 at the end of the last financial year. Profit projections for 2000/01 stand at $1.89 million, rising to $4.1 million in 2001/02.
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
