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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‘Material uncertainty’ over Sequoia as a going concern

‘Material uncertainty’ over Sequoia as a going concern

Sequoia Financial Group, the ASX-listed owner of the InterPrac financial advice licensee, has disclosed a material uncertainty over its ability to continue as a going concern as regulatory and legal actions engulf the licensee. Sequoia earlier flagged its intention to revive the sale of InterPrac as a precursor to trying once again to unwind a controversial deed of cross guarantee.

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