Overwhelming vote for Count acquisition
Count Financial shareholders have voted overwhelmingly for the company's acquisition by the Commonwealth Bank.
A meeting of shareholders on Friday voted 94.82 per cent in favour of the schemes of arrangement.
Under the schemes of arrangement passed on Friday, all the ordinary shares in Count will be acquired by a wholly-owned subsidiary of the Commonwealth Bank, with all the outstanding options in Count being cancelled.
Under the terms of the scheme, Count shareholders will next week receive $1.40 in cash for their shares in the company or, if they elect to do so, receive shares to an equivalent amount in the Commonwealth Bank.
The Count acquisition has already received sign-off from the Australian Competition and Consumer Commission.
AUTHOR
Mike Taylor
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
