Perpetual wins TRU vote

The shareholders of The Trust Company (TRU) voted in favour of Perpetual’s proposal to acquire the business at the group’s Scheme Meeting on Thursday, knocking out rival bids from Equity Trustees and IOOF Limited.

Close to 80 per cent of eligible TRU shareholders voted in favour of the scheme resolution.

A second court hearing to approve the Scheme is scheduled for December 3, TRU said in a statement to the ASX.

Perpetual chief executive Geoff Lloyd said the vote symbolised a significant milestone, which would bring together two highly complementary businesses with a shared fiduciary and service heritage.

“Today’s vote approving the scheme will bring us closer to delivering significant benefits for both sets of shareholders, as well as The Trust Company’s clients and employees,” he said.

 

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Trustee-for-hire models in trouble as EQT calls time on super and Diversa turns on Praemium

Trustee-for-hire models in trouble as EQT calls time on super and Diversa turns on Praemium

The ASX-listed parent company of Equity Trustees Superannuation Limited has confirmed it will divest its super trustee-for-hire business in the aftermath of the $1 billion Shield and First Guardian collapse. Diversa Trustees, which is being sued for onboarding First Guardian, is seeking compensation from Praemium should it be ordered by the court to remediate investors.

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