IOOF seeks to trump Perpetual on Trust
IOOF Holdings Limited has made a surprise bid to acquire the Trust Company Limited from under the noses of both Perpetual and Equity Trustees.
IOOF announced the move to the Australian Securities Exchange (ASX) today, saying it believed its proposal was superior to that of Perpetual and represented an attractive premium to Trust shareholders.
Under the IOOF Proposal, Trust shareholders will receive a share consideration of 0.74 IOOF shares per Trust share or guaranteed minimum cash consideration; and a special dividend of $0.22 per Trust share (expected to be fully franked).
IOOF said the guaranteed minimum cash consideration will be the higher of $6.03 or the cash equivalent value of the IOOF Share Consideration.
In addition, IOOF said it supports Trust shareholders receiving an interim dividend from Trust of up to $0.17 per share, which the Trust Board may wish to declare in October 2013.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
