News Round Up

Plan B launches IPO, Australian firm buys again, Cushing chase more of REL.

Monday, May 21st 2007, 2:31AM

Australian firm, Plan B Group, which has recently acquired a number of New Zealand planning firms raising A$30 million through an IPO.

Once completed the firm plans to list on the ASX and it will have a market capitalisation of A$74.9 million.

Plan B describes itself as a “non-aligned fee-based wealth management firm, with a full-service business model structured for growth.”

It has A$1.6 billion in funds under management, administration and advice and owns Strategic Asset Management and a former Rutherford Rede firm in New Zealand.

“Listing on the ASX…will provide the company with the springboard for our next growth phase,” chairman Bryan Taylor says.

Managing director Denys Pearce says Plan B’s growth plan would see the company target acquisitions in Australia and New Zealand.

Australian firm buys again

Meanwhile, another listed Australian firm has marked up another acquisition in New Zealand. WHK, headed by former BT New Zealand managing director Graeme Fowler. Has bought its fifth accounting firm on this side of the Tasman.

It has acquired Taylor McLachlan, a regional accounting business in Dunedin, which has five partners and annual revenue of $6.5 million.

"This transaction will extend WHK Group's network of New Zealand member firms to five and further strengthen WHK group's leading position in the New Zealand mid-tier, SME and high net worth markets," WHK Group company secretary Bruce Paterson said. WHK’s New Zealand growth strategy includes developing financial planning services within each member firm, expanding the network and broadening market coverage.

The transaction will increase the total acquired revenue in the current financial year to $41.6 million. Its New Zealand business are: WHK Gosling Chapman, Auckland; WHK Coffey Davidson, Hawker Bay; Sherwin Chan & Walshe, Wellington, WHK Taylors, Dunedin/Otago and WHK Cook Adam Ward Wilson, Southland/Central Otago.

Cushing goes for more of REL
Sir Selwyn Cushing’s firm H&G Limited is seeking another 10% of Rural Equities to take its shareholding over the 50% mark.

The company has made a partial offer for 10% of the shares in REL. Currently H&G owns 40.83% of REL and other Cushing family entities own 9.27%.

H&G is offering $2.75 each for shares. The price represents a premium of 31% to the last traded price on the unlisted market prior to H&G advising its intention to make the partial offer.

REL owns the management company to the NZ Rural Property Trust.

« News Round Up

Sovereign takes regulation bull by the horns »

Special Offers