WAMI makes progress on Century restructure
Wilson Asset Management International (WAMI) appears to have taken another step towards its proposed "restructure" of Century Australia Investments Limited.
The board of Century has announced to the Australian Securities Exchange (ASX) that it has now received a formal proposal from WAMI consistent with an announcement made to the market in late November.
It said that having reviewed the proposal, the Century board continues to recommend the offer subject to the views of the independent expert.
It said that it now proposed to engage Grant Thornton as the independent expert.
The ASX announcement said the board would work to convene an Extraordinary General Meeting of shareholders as close as possible to the timetable requested by WAM in their proposal letter.
Under the proposals outlined by WAMI, Century shareholders will be asked to approve the replacement of the current investment manager of Century, Perennial Value Management Limited, with Wilson Asset Management by entering into a new investment management agreement.
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
