Sentry delivers for WTFG and its former owners

Mike Taylor

Managing Editor/Publisher, Financial Newswire

26 October 2022

WT Financial Group’s (WTFG) 2021 acquisition of financial planning group, Sentry Group has paid dividends in more ways than one, with the company announcing to the Australian Securities Exchange (ASX) that Sentry’s owners had exceeded their performance hurdles.

WTFG announced that fee revenue contributed by Sentry for the 2022 financial year had exceeded the agreed milestone of $3.55 million meaning the former owners of Sentry became entitled to a consideration valued at $1.46 million.

The consideration will be made up of 50% cash and 50% WTFG shares. The cash component has already been paid in full.

The ASX announcement pointed to Michael Harrison, who is now a director of WTFG, being a substantial beneficiary of the 9,473,970 shares issued, picking up 3,368,944 with the remaining 6,105,026 being issued to the other “Sentry Sellers”.

Harrison is a non-executive director of WTFG and managing director of Sentry which is now running as a subsidiary.

After acquiring Sentry in June, last year, WTFG went on to acquire Synchron in March, this year.