Madison Financial sale complete

29 June 2020

By Mike Taylor

The sale of Madison Financial Group to Clime Asset Management is complete.

OneVue announced to the Australian Securities Exchange (ASX) today that the transaction had been completed with the consent of major Chinese creditor, Taiping Trustees Limited.

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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.

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A fund manager buying distribution. What could possibly go wrong ?

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