Insignia Financial has shared a progress update on the acquisition by CC Capital as well as the departure of a long-standing board member.
At the firm’s annual general meeting on 20 November, chair Allan Griffiths said 75 per cent or more of Insignia shareholders will need to approve the deal, which entered a scheme implementation deed in July.
The deed followed a “lengthy and comprehensive due diligence process” with CC Capital and Bain Capital which had begun back in March.
It also requires court approval and approval from the Australian Prudential Regulation Authority (APRA) and Foreign Investment Review Board (FIRB). Approval has already been granted by the Australian Competition and Consumer Commission and the UK’s Financial Conduct Authority (FCA).
The next step will be the distribution of a scheme booklet to shareholders outlining the conclusion of an independent expert who has been appointed to assess the value of the deal offered by CC Capital.
“Unfortunately, we are not in a position at this point to be more specific on the timeline of when the scheme booklet will be dispatched, or the scheme meeting held, as there are a number of regulatory processes that need to be completed, but you can rest assured that we are working closely alongside CC Capital and the regulators to progress the approvals as quickly as possible.
“We do remain confident that the scheme meeting will be held in the first half of 2026.”
With progression of the acquisition subject to these steps, Griffith said Insignia is concentrating on on its 2030 Vision in the immediate term. Changes made during the financial year so far have already included establishing a clear operating model, defined accountabilities and articulating leadership expectations.
“As the proposal from CC Capital remains subject to shareholder and regulatory approval, the board must be – and is – focused on delivering our 2030 Vision to become Australia’s leading and most efficient diversified wealth management company. We will do this by leveraging our scale, heritage, and deep commitment to creating lasting value for shareholders, members, and the communities we serve.”
Meanwhile, John Selak has stepped down as an independent non-executive director after nine years with Insignia. He first joined the board in 2016 and is also chair of the group people and remuneration committee.
His intention to depart had previously been flagged by the firm in order for the board to undergo a regeneration and refresh.
