PIS one step closer to backdoor listing

Professional Investment Holdings (PIH), the parent company of one of Australia’s largest non-institutionally owned dealer groups, has removed one of the final obstacles to its long-awaited listing ambition.

The group is navigating a backdoor listing through a takeover by listed insurance premium funding company Centrepoint Alliance. PIH shareholders, including Aviva PLC, yesterday voted in favour of the deal.

Under the schemes of arrangement, Centrepoint Alliance will acquire all of the issued shares in PIH, most of which are held by advisers and accountants associated with the group. Aviva PLC holds close to 20 per cent of the shares in the company.

Shareholders will be issued nearly 1.5 Centrepoint shares per PIH share. Centrepoint shares were last trading at around 20 cents.

The next hurdle is receiving approval for the schemes from the New South Wales Federal Court, the hearing for which is scheduled for 29 November. If the Federal Court approves the deal, the issue of shares will take place on December 13.

PIH is the parent company of Professional Investment Services, one of Australia’s biggest non-institutionally owned advice groups. PIH’s statement to the market yesterday described the group as having more than 1,300 associated branches and more than 1,000 aligned advisers.