GDG takes 100% of Lonsec
Generation Development Group has been confirmed as seeking 100% ownership of research and ratings house, Lonsec.
Lonsec issued an announcement today stating that GDG’s would be acquiring the remaining interest in Lonsec for an upfront consideration of $197.4 million together with a deferred earn out payment of up to $55.7 million.
The announcement said Lonsec considered GDG to be a highly logical partner to accelerate the next phase of Lonsec’s growth.
Outlining the transaction to investors, GDG said it had entered into a binding agreement to acquire the remaining 61.9% of Lonsec Holdings fully diluted share capital not already owned for $197.4 million up-front consideration with the acquisition to be funded by through a $155.4 million equity raising plus a conditional placement to Lonsec Shareholders.
It gave the strategic rationale for the transaction as being that Lonsec is well known GDG through its existing investment, with strong knowledge of its operations and management team, having made its initial investment in 2020.
It also said that the transaction increases scope for “GDG to further capitalise on inorganic and organic growth opportunity in managed accounts, a high growth market which has seen major structure change in recent years”.
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…