Commercial in confidence

Thank you for those who joined us for this morning’s video conference. An update of the conversation follows;

As part of the sale process, PwC is required to publicly advertise for expressions of interest.  An advertisement will be placed in the Australian Financial Review on Wednesday. The advertisement stipulates time frames whilst also referencing Madison as the pre-eminent privately-owned licensee of choice for high-quality adviser firms.

Today I provided ASIC with an update, including the impending AFR advertisement. They have requested a copy, and have asked to be continually informed throughout the sale process. We have currently received 22 expressions of interest and we expect the ad on Wednesday may create a few more.

I also informed ASIC we continue to run the business according to our obligations and are conscious of the extra workload the sale process generates.  We had already raised this with PwC and OneVue, they have committed to providing additional people support this week. Two PwC financial services graduates will join the Madison team over the short term to assist with the sale program and other administrative tasks. This information was well received by ASIC.

We expect the process to move fast once information packs are sent to interested parties.  A timeline of events will be shared at the upcoming Principals’ briefings.  As information changes, we will adapt the briefings accordingly.

Please feel free to reach out to any of us;

Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170Sincerely,Annick
0409 706 963