ClearView Wealth Limited (ClearView, ASX: CVW) announced today it had received 100% acceptances from Matrix Holdings Limited (Matrix) shareholders for the offer to acquire Matrix, that all conditions of the offer had been met or waived and the offer closes successfully today.
Simon Swanson, Managing Director of ClearView said: “We are delighted that all Matrix shareholders, including all adviser-shareholders, were so supportive, and accepted our offer. We believe there is a great cultural fit between the two companies and the merger will create increased shareholder value in the long term. The merger of such a quality dealer group with ClearView Financial Advice Pty Ltd will be instrumental in achieving our goal of building a major financial advice and financial services business that is not aligned to any major institution.”
Under the terms of the offer, Matrix shareholders will receive $4.407 in cash and 8.776 ClearView shares (subject to performance conditions) per Matrix share. This means that, in aggregate, Matrix shareholders were offered a total amount of $7.75 million in cash and approximately 15.4 million ClearView shares which are subject to various performance conditions.
Mr Pieter Franzen, Chairman of Matrix said: “The merger will be beneficial to both Matrix advisers and clients by having access to ClearView’s resources and infrastructure. ClearView’s focus on providing quality advice and products to the market together with outstanding service and a focus on building lasting partnerships was one of the key determinants in our directors and adviser-shareholders accepting the offer.”
The combined entity will see the number of advisers increase to 214. The Matrix brand will be retained.
