Diverger shareholders approve Count merger

Countplus Diverger shareholders vote

23 January 2024
| By Laura Dew |
expand image

Diverger shareholders have approved its merger with Count, which will see Count acquire 100 per cent of Diverger Ltd.

In an ASX statement, it said the scheme was approved by the “requisite majority” of Diverger shareholders.

The implied value of the default scheme consideration based on the closing price of Count shares on 19 January of $0.69 per Count share is $1.39 per Diverger share. The firm said this at the top end of the value range of $1.19$1.39 per Diverger share.

The bid was increased in November following shareholder pushback that the earlier bid did not fairly value the company. 

Peter Brook, chairman of Diverger, said: “At Diverger, we have pursued, quite assertively and successfully, a dual growth strategy (little deals and a big deal) with minimal capital and resources. Today is the culmination of our efforts. At times it has been stressful and hectic.

“But the crew has delivered on good operating results, continued growth in dividends every year and engineered a capital transaction that is in accord with the consolidation thesis we consider beneficial to shareholders and the industry, and delivered a significant premium to shareholders with the opportunity to continue participation.”

A second court hearing will take place on 15 February, and the transaction is scheduled to complete in early March. 

Read more about:


Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you



sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry


Dear CEO and board, It's time to start some VERY HEAVY LOBBYING on behalf of advisers which could save your platform re...

7 hours 37 minutes ago

He is every thing ASIC said he was BUT How on earth did he expect to get away with it????? . these guy's who dip in...

9 hours 50 minutes ago
Chris Cornish

A tad optimistic from Morningstar. Adviser numbers are somewhat irrelevant; it all comes down to the platform and whethe...

10 hours 55 minutes ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

1 week 1 day ago

Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation....

2 weeks 2 days ago

Iress has announced it is strengthening its security settings after suffering an unauthorised access of its systems over the weekend....

2 weeks 3 days ago