More high-level changes at Plan B as takeover progresses
Following last month's departure of chief executive Andrew Black there have been three departures from the Plan B board, while IOOF's takeover offer has also progressed to the compulsory stage.
Black departed on 28 September because the role of Plan B chief executive was made redundant, one day after an announcement to the Australian Securities Exchange that IOOF's takeover offer had become unconditional.
Yesterday Bryan Taylor, Craig Lubich and David de Burgh stood down from the board, while IOOF managing director Chris Kelaher and IOOF chief financial officer David Coulter were appointed to the board.
On 27 September IOOF declared its takeover offer unconditional and also announced that its relevant interest in Plan B had increased to 89.3 per cent.
On October 4 it announced that interest had increased to more than 96 per cent and that it would be proceeding with a compulsory acquisition of the remaining shares.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
