Selfwealth delists as M&A plans charge forward
Trading platform Selfwealth has officially delisted from the ASX, marking the next step of Svava’s acquisition plans as it implements a scheme of arrangement.
In an ASX announcement, Selfwealth said it had been removed from the official list at the close of trading on 8 May 2025.
This followed an announcement the day prior confirming the scheme of arrangement under which Selfwealth will be acquired by Svava, owned by Syfe Group, was implemented on 7 May.
“Selfwealth shareholders (other than Syfe) have been paid the Scheme consideration of $0.28 cash for each Selfwealth share held on the scheme record date,” the trading platform said.
Prior to this, Selfwealth announced in late April that the Federal Court made orders approving the scheme of arrangement and lodged the orders with ASIC, pursuant to the Corporations Act.
Selfwealth, which was launched in 2013, offers online equity trading and a financial adviser platform to help advisers manage client portfolios and self-managed superannuation fund (SMSF) investing.
The platform said earlier this year that it planned to be acquired by Svava through a scheme of arrangement for $0.28 per share, having rejected a previous bid from Bell Financial Group (BFG) for $0.25 per share.
The move was a surprise as it had previously entered into a scheme of arrangement with BFG, but Svava increased its offer, and BFG declined to make a counterproposal.
At a scheme meeting on 22 April, some 88 per cent of shareholders approved the deal. Selfwealth said during the meeting that it may be unable to increase its scale on its own if the deal was rejected by shareholders.
“Scale is increasingly important in the online equity trading market for a range of reasons. Selfwealth is relatively small in both capital base and customer footprint, and there is no certainty that Selfwealth will be able to increase its scale as an independent company or maintain profitability,” it said.
“If the scheme does not proceed, Selfwealth shareholders will continue to be subject to the risks associated with Selfwealth’s business including a market that is highly competitive, cyber risk, the increasing costs of regulatory compliance and the risks of Selfwealth’s current transformation program.”
Commenting on the opportunities presented by the new deal, Syfe founder and CEO Dhruv Arora said Syfe was hopeful of growing its presence and investor base in Australia, especially with mass affluent investors. There are around 12 million Australians who have investable wealth of US$100,000, he said.
AUTHOR
Jasmine Siljic
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