CC Capital continues with Insignia Financial bid due diligence
The CC Capital Partners private equity bid for Insignia Financial remains on foot and may result in a formal offer within a fortnight.
Insignia Financial has informed the Australian Securities Exchange that CC Capital has informed it that it continues to actively work towards making a biding bid for the company.
“Specifically, CC Capital is finalising financing and investment committee approvals, a process that is expected to be completed in the next two weeks,” it said.
The Insignia Financial announcement said that notwithstanding today’s announcement there was no certainty that the ongoing discussions would result in any transaction being put to Insignia Financial shareholders for their consideration.
The continuing CC Capital activity comes despite the other PE contender for Insignia, Bain Capital, withdrawing in May.
When the do their due diligence the should investigate Darren Wherat and Peter Ornsby who have been covering up an adviser that belongs to the Coastal Group RI advice for misleading and deceptive conduct AFCA have handed down their ruling and they now have to pay compensation of what will potentially be over $1 million. The worst thing is they have been trying to protect the adviser and the firm instead of doing the right thing by the customers.