PFG settles one acquisition and pursues another
Accounting and wealth management firm, Prime Financial Group (PFG) has flagged the potential acquisition of a Melbourne-based investment research and portfolio management business after completing its acquisition of Equity Plan Management (EPM).
PFG flagged the acquisition at the same time as announcing that a fully underwritten non-renounceable Entitlement Offer had raised $3.3 million.
The company said the EPM acquisition marked its entry into the remuneration and employee share plan management sector.
The announcement to the Australian Securities Exchange then went on to say that PFG was making continued progress with a confidential non-binding indicative offer “for the acquisition of a Melbourne-based company that provides investment research, portfolio and asset/fund management services”.
“The potential acquisition will complement Prime’s Wealth segment and provide it with operational, client and capability synergies,” the ASX announcement said.
It said that if the acquisition proceeds, it would represent a material contribution to revenue in FY25 with the target expected to generate approximately $12 million in revenue in FY24.
Commenting on the EPM acquisition, Prime chief executive, managing director and chairman, Simon Madder said it provided the company with ownership of a leading Australian remuneration and employee share plan provider, strong profitability and a highly complementary product suites.
Pointing to the non-binding Wealth Management Business bid and recent executive hires, he said it marked a significant contribution to Prime’s strategy of pursuing organic growth and EPS-accretive acquisitions as it work to its goal of double revenue from $26 million in FY22 to $50 million in FY25 and then doubling that figure again to $100 million.
Its in existing law.SOCIAL SECURITY ACT 1991 - SECT 1223Ahttps://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ssa1991186/s1223a.html
Can someone point out where, in the Exposure Draft, the Centrelink assessment would be from the start of the pension…
Offer the exit door on these old products, then set a 5 year Centrelink clawback Hammer to the head. Awesome…
Wholesale should be opt in for all clients, and be extended to super advice and risk.
Misses the point. Plus I don't get it. Then SMSF Trustees should also need to sit an exam, AND people…