30 January 2012
SFG AUSTRALIA LIMITED ASX RELEASE(ASX CODE: SFW)
RELEASE OF ESCROWED SHARES (12.5m)
In relation to SFG Australia Limited's acquisition of Mosaic
Portfolio Advisers Limited (formerly Officium Capital
Limited) (for a maximum consideration of $6.5m, and subject
to a maximum potential clawback of $2.5m should certain
hurdles to 31 March 2012 not be achieved), the Company is
pleased to announce the parties (SFG Australia Limited and
Officium Group Pty Limited (OGPL)) have mutually agreed to
resolve the clawback calculation early, on a pro rata basis.
This has resulted in OGPL paying
$1.3m (as anticipated in the Company's 30 June 2011 accounts)
to SFG Australia
Limited.
The finalisation of this payment relinquishes all obligations
of OGPL in relation to the Mosaic Portfolio Advisers Limited
transaction and consequently, the SFG Australia Limited
shares held in escrow as security for this payment (12.5m in
total) have been released from escrow.
Managing Director
02 9250 1500
Investor Relations
02 9250 1527
About SFG Australia Limited (SFG)
SFG (formerly Snowball Group Limited) is a leading
non-aligned client focused financial advice and end to end
wealth management firm, listed on the Australian Securities
Exchange.
SFG provides a full range of wealth management services to
high net worth and affluent clients, including strategic
financial advice, portfolio administration solutions,
portfolio construction and management services, insurance
(both general and risk) solutions, finance broking,
stockbroking, and corporate superannuation services.
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Escrowed Shares Release |