IOOF foreshadows acquisition capital raise
IOOF Limited has requested a two-day trading halt on the Australian Securities Exchange (ASX) to allow for a possible capital raising.
The request for the further trading halt comes as speculation swirls around IOOF moving to acquire the wealth management businesses of MLC Limited.
IOOF told the ASX today that it was seeking the two day trading halt “for the purpose of considering, planning and executing a capital raising comprising an institutional placement, an accelerated, non-renounceable entitlement offer and a share purchase plan being conducted to partially fund a potential acquisition”.
IOOF said it expected to make an announcement as soon as possible, and prior to the opening of trading on 2 September.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
