OneVue still trying to get a Sargon return

OneVue/sargon/sale/ASX/australian-securities-exchange/transaction/westpac/Madison-Financial-Group/

6 May 2020
| By Mike |
image
image
expand image

The sale of the Sargon operating business may have been completed for $29.6 million, but OneVue has acknowledged that it still does not know how much of this will be returned to the OneVue bottom line.

In an announcement to the Australian Securities Exchange (ASX) in the wake of the Sargon transaction, OneVue noted that the Federal Court had imposed a timetable for determining the claims of the Voluntary Administrators, OneVue and Westpac.

It said that on 15 May, OneVue and the other claimants would have to submit a notice of claim over the sale proceeds and that on 29 May the Voluntary Administrators would have to respond to the claims with legal submissions backing the claims being filed by 12 June before the matter returns to court on 15 June.

OneVue said it would not be in a position to estimate what it might be able to recover until that process was completed.

In the meantime, OneVue said it still expected to complete the sale of Madison Financial Group before the end of May.

Money Management understands there are two bidders still in the running to acquire Madison.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS