Madison/Sargon Update – 10 February
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 management of our AFSL. Based on this conversation, ASIC indicated they are comfortable the obligations continue to be met. We will provide ASIC with regular updates.
Below are the questions and answers raised during Friday’s teleconference;
1. Is Madison owned by OneVue?
We are not owned by OneVue. OneVue has a charge over the shares in the holding company that owns Madison. We have a long and respected relationship with OneVue and their CEO, Connie McKeage. OneVue have a vested interest in continuing to support our Advisers and ensuring we continue to be a valuable asset.
2. Who owns Madison right now?
Madison continues to be owned by SC Australian Holdings 1 Pty Ltd. The AFSL is held by Madison. However, there is no Madison without our community.
3. Is my revenue in jeopardy of not being paid to me?
OneVue cannot redirect your revenue. Annick has control over all Madison bank accounts and transactions.
4. Do we have PI Insurance?
We currently have PI in place and can meet the conditions of cover. Our broker is working closely with us along with PwC to ensure our PI cover continues.
5. Would any change in ownership of Madison affect the PI?
If the license is picked up and remains as is, there should be no change.
6. How long will the sale process take?
The objective is to appoint a broker early this week and have a rapid (but not hasty) sales process. We are in a strong position to influence the outcome. Once the brokers are appointed, they will review all interested suitors. Many of the suitors have had positive conversations with Annick, who has informed PwC of their interest. It is our intention to find a new home that is right for our community and their businesses, matches our thinking and strategic direction, and is completely transparent.
7. If the business gets sold, do you have an ability to keep the team?
This is one of the criteria we have given PwC and it’s our aim to preserve the integrity of our business structure and the team.
8. Is there a message we can use to reassure our clients?
We circulated a document on the weekend that can be used to communicate with your clients. Please CLICK HERE to access.
9. Do we have an obligation to tell our clients?
No, as there is no change in ownership.
We will provide a further update tomorrow. The team and I are here to discuss any questions you have;
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963
Madison/Sargon Update – 10 February
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 management of our AFSL. Based on this conversation, ASIC indicated they are comfortable the obligations continue to be met. We will provide ASIC with regular updates.
Below are the questions and answers raised during Friday’s teleconference;
1. Is Madison owned by OneVue?
We are not owned by OneVue. OneVue has a charge over the shares in the holding company that owns Madison. We have a long and respected relationship with OneVue and their CEO, Connie McKeage. OneVue have a vested interest in continuing to support our Advisers and ensuring we continue to be a valuable asset.
2. Who owns Madison right now?
Madison continues to be owned by SC Australian Holdings 1 Pty Ltd. The AFSL is held by Madison. However, there is no Madison without our community.
3. Is my revenue in jeopardy of not being paid to me?
OneVue cannot redirect your revenue. Annick has control over all Madison bank accounts and transactions.
4. Do we have PI Insurance?
We currently have PI in place and can meet the conditions of cover. Our broker is working closely with us along with PwC to ensure our PI cover continues.
5. Would any change in ownership of Madison affect the PI?
If the license is picked up and remains as is, there should be no change.
6. How long will the sale process take?
The objective is to appoint a broker early this week and have a rapid (but not hasty) sales process. We are in a strong position to influence the outcome. Once the brokers are appointed, they will review all interested suitors. Many of the suitors have had positive conversations with Annick, who has informed PwC of their interest. It is our intention to find a new home that is right for our community and their businesses, matches our thinking and strategic direction, and is completely transparent.
7. If the business gets sold, do you have an ability to keep the team?
This is one of the criteria we have given PwC and it’s our aim to preserve the integrity of our business structure and the team.
8. Is there a message we can use to reassure our clients?
We circulated a document on the weekend that can be used to communicate with your clients. Please CLICK HERE to access.
9. Do we have an obligation to tell our clients?
No, as there is no change in ownership.
We will provide a further update tomorrow. The team and I are here to discuss any questions you have;
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963