Member firms take small slice of Genesys
AXA-owned Genesys Wealth Advisers has completed the first stage of an equity offer to member firms, but despite almost 80 per cent of member firms taking part the offer failed to be fully subscribed.
The group offered up to 9.09 per cent of the shares in Genesys Group via a loan funded share plan, with up to 10 million shares on issue at an issue price of $0.88. A spokesperson for Genesys said the group would not provide more information about the level of participation.
Genesys Group chief executive John Saint said the “successful completion” of the first stage of the equity offer had demonstrated member firms’ confidence in the growth prospects for the group.
Saint said a “significant” number of member firms had also shown interest in holding additional Genesys shares via an equity swap, with those shares to be issued during the second stage of the program which the group expects to be completed by the end of this year.
AUTHOR
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
