PIS shareholders back sale option
Australia’s second largest dealer group has confirmed the scepticism of market analysts by all but abandoning plans for a proposed public listing.
Professional Investment Services (PIS) chief executive Robbie Bennetts told Money Management the group’s shareholders were now overwhelmingly behind a push to sell the group.
PIS shareholders voted at the group’s AGM in October to continue examining options for either a public listing or a trade sale of the financial planning business.
But as reported by Money Management at the time, industry analysts were sceptical about whether PIS was genuine about pursuing the listing option.
In an interview last week, Bennetts confirmed most PIS shareholders “would prefer a trade sale”.
He said as many as three different potential buyers were expected to lodge formal bids by November 26.
A number of buyers have been linked to the dealer group, including the combined ANZ/ING group.
Bennetts said some PIS shareholders would push for the group to be sold off in tranches over a number of years, rather than in one go.
“The thing that came out of the [AGM] is that we are such a young group,” Bennetts said.
“Some of the older ones [shareholders] are saying we should sell now, but others are saying we can make a lot more money down the track.”
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