Final bids for the sale of the Sargon-owned advice business Madison Group have been collected, with an acquirer likely to be announced in early May, Sargon’s creditor OneVue has disclosed to the ASX.
Sargon was an aggregator of trustee services led by Philip Kingston (pictured) that went into administration in January.
The process to sell Madison was being run by a boutique consultancy named Seaview, which was appointed by PwC, the receiver of OneVue’s secured assets in Sargon.
Ernst & Young, Sargon’s voluntary appointed administrator, has made progress with the sale of Sargon’s operating business, OneVue also said in the ASX statement.
The sale of Madison is one of the avenues OneVue will attempt to reclaim as much as it can of the $31 million it was owned by Sargon after it agreed to a deferred payment for an asset it sold to the trustee aggregator last June.
Since then, OneVue has written down the carrying value of the Sargon receivable to $3.9 million, before realising $4.376 million from the sale of its secured interest in Sequoia Financial Group shares, the OneVue ASX statement outlined.
Professional Planner reported in early March the sale process for Madison had been kicked off and that final bids would be due in late April with a deal likely to be completed in early May.
Around the time the sale process kicked off there was appetite for the asset from private equity buyers, sources who requested anonymity told Professional Planner. This information was unable to be confirmed.
