Madison Update – 16 March
Commercial in confidence
I hope everyone had a reasonably relaxing weekend, and your families are safe and healthy. It’s eerily quiet in Sydney and I suspect the same for most cities.
Today I provided ASIC with our weekly update. They generally ask the same questions. i.e. Are we meeting our obligations, how is the sale process going and do we have anything to report? To which I respond, yes we are and our focus is on maintaining our governance obligations; the sale is in progress and Bob is receiving a number of questions from the interested parties; nothing material to report. ASIC did ask how we’re all coping with the market uncertainty and Covid-19. There is no single response to this question, as I’m sure you all know. I told ASIC this is being managed via communication and conversation; in particular between our advisers and their clients.
With respect to the sale, the questions are predominantly compliance and regulatory related (e.g. how we’re dealing with conflicted/grandfathered remuneration). As I mentioned last week, this is not unusual. We expect more requests of this nature in an environment where the Government is legislating rapidly to meet the recommendations of the Royal Commission. By the end of this week, we will receive confirmations of interest. Only selected parties will be invited to conduct due diligence. Then comprehensive due diligence will commence with final binding bids due by 3 April. If you have any questions about the process, please give me a call.
Whilst the sale process is a priority, so is finding ways to increase efficiencies for your business. Tomorrow, I’m meeting with an e-sig provider to get an understanding of their service packages and what pricing scale we can achieve at a group level. I think this becomes very important in an environment where physical contact is becoming increasingly difficult; causing operational and time imposts. We will update you on progress and provide a draft business policy by the end of the week.
From this point forward, we will host a weekly progress webinar Wednesdays at 11am. Please CLICK HERE to register once for the recurring webinar.
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963
Madison Update – 16 March
Commercial in confidence
I hope everyone had a reasonably relaxing weekend, and your families are safe and healthy. It’s eerily quiet in Sydney and I suspect the same for most cities.
Today I provided ASIC with our weekly update. They generally ask the same questions. i.e. Are we meeting our obligations, how is the sale process going and do we have anything to report? To which I respond, yes we are and our focus is on maintaining our governance obligations; the sale is in progress and Bob is receiving a number of questions from the interested parties; nothing material to report. ASIC did ask how we’re all coping with the market uncertainty and Covid-19. There is no single response to this question, as I’m sure you all know. I told ASIC this is being managed via communication and conversation; in particular between our advisers and their clients.
With respect to the sale, the questions are predominantly compliance and regulatory related (e.g. how we’re dealing with conflicted/grandfathered remuneration). As I mentioned last week, this is not unusual. We expect more requests of this nature in an environment where the Government is legislating rapidly to meet the recommendations of the Royal Commission. By the end of this week, we will receive confirmations of interest. Only selected parties will be invited to conduct due diligence. Then comprehensive due diligence will commence with final binding bids due by 3 April. If you have any questions about the process, please give me a call.
Whilst the sale process is a priority, so is finding ways to increase efficiencies for your business. Tomorrow, I’m meeting with an e-sig provider to get an understanding of their service packages and what pricing scale we can achieve at a group level. I think this becomes very important in an environment where physical contact is becoming increasingly difficult; causing operational and time imposts. We will update you on progress and provide a draft business policy by the end of the week.
From this point forward, we will host a weekly progress webinar Wednesdays at 11am. Please CLICK HERE to register once for the recurring webinar.
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963