Archive for February 2020

Commercial in confidence We hope you were able to take some time to enjoy the weekend. We know there are many conversations amongst you about the current uncertainty of next steps for our community. I sincerely apologise for the concern and questions going through your mind during this time. Be assured, our first priority is to…

Commercial in confidence In the past week, there have been many expressions of interest made regarding Madison, most of whom have contacted me directly and are now being collated for review with PwC and Bob Neill. This is a credit to you as it shows the regard for Madison Advisers and our community throughout the industry.…

Commercial in confidence Bob Neill of Seaview Consulting has been appointed as the broker to facilitate the sale of Madison. Some of you may remember Bob from his session on business valuations at last years’ conference. Bob has deep experience in advice and has guided licensees and advice practices through sale transitions for over 10 years. Given Bob’s understanding of…

In Commercial Confidence Thank you for all the questions and conversations over the last week and a half. As discussed on Friday, we continue to work with PwC in relation to both the sale process, and ensuring our AFSL obligations are met.  Kerry Thomas and I spoke with ASIC today to provide an update regarding the ongoing…

In Commercial Confidence Good Afternoon, Attached below is information we received from PwC to support client conversations or written responses.  We’ve simplified the message without removing relevant facts. Client Communication – PDF Client Communication – Word If you would prefer greater detail and/or something different, please let us know and we’ll organise it. On Monday, PwC…

In Commercial Confidence It’s now been a week since the announcement of receivers being appointed to Sargon Capital Pty Ltd. The calls, messages, and emails of support that I and the team continue to receive from you all, is a constant reminder of the value of relationships and community. Thank you for reaching out to…

In Commercial Confidence Yesterday, PwC were appointed as the Receiver to Madison’s holding company, SC Holdings Australian 1 Pty Ltd. This appointment is not to Madison or the AFSL. I have met with PwC today to discuss their requirements and confirm that responsibility for the day to day operation of Madison, including our AFSL, remains with…

In Commercial Confidence Thank you for all the phone calls and messages. Your questions and concerns are important to us. I confirm it is business as usual. Myself and the team continue to execute the operations and governance of Madison, including the financial requirements of our business. Our priority remains meeting our AFSL obligations to…

In Commercial Confidence Since we last spoke, Sargon have appointed Stewart McCallum and Adam Nikitins from Ernst & Young as Voluntary Administrators over a number of group entities. The Voluntary Administration relates to the holding companies that sit between Sargon Capital, and its operating entities. The Voluntary Administrators will now take control of these holding…