By Mike Taylor
The sale of Madison Financial Group to Clime Asset Management is complete.
It said the sale proceeds received at completion of $2.26 million had been paid into a controlled moneys account to be held until China-Taiping’s claim over the total sale proceeds which One Vue disputes and China-Taiping’s review of the costs of the Madison Financial Group receivership were resolved.
“In accordance with the share sale deed, further sale proceeds of $2.5 million are held in escrow subject to a two-year escrow arrangement which reduces to $1.25 million after 12 months,” it said.
The Madison sale completion to Clime was flagged on social media over the weekend by chief executive, Annick Donat.