Just one day after Selfwealth received an acquisition bid from Bell Financial Group, it has now seen a second non-binding indicative proposal from another company.
AxiCorp Financial Services, a privately owned global online brokerage firm, has made a non-binding indicative proposal to acquire 100 per cent of the shares in Selfwealth for $0.23 cash per share by way of a scheme of arrangement.
Founded in 2007 and headquartered in Sydney, AxiCorp is focused on forex trading and services customers across 120 countries.
This follows the non-binding indicative proposal made by Bell Financial Group on 13 November for $0.22 per share. This valued the company at $51 million on a 100 per cent equity basis, an 83 per cent premium to the last close share price of Selfwealth of $0.120.
AxiCorp’s proposal is subject to customary conditions, such as no material adverse change to the Selfwealth business and a unanimous recommendation by the Selfwealth board that shareholders vote in favour of the proposal.
“Axi has indicated that it is prepared to negotiate and sign a binding implementation deed in an expedited manner. The Axi proposal is not subject to due diligence or any financing conditions,” the ASX announcement stated.
“Selfwealth shareholders do not need to take any action in relation to the Bell proposal or the Axi proposal. There can be no certainty that either proposal will result in a binding transaction.”
Also on 14 November, Selfwealth held its 2024 annual general meeting where chair Christine Christian noted the company remains open to “seriously considering” accretive opportunities amid industry consolidation.
She said: “I would like to emphasise that the board is committed to always acting in shareholders’ best interests; whether that be continuing to invest in the necessary business transformation that is required to deliver long-term growth, or to be seriously considering potential value accretive opportunities that may arise as the industry moves to greater consolidation.”
