OneVue Announces the Sale of Trustee Business Expected To Complete By 30 April

  • Apr 01, 2019 AEDT
  • Team Kalkine
OneVue Announces the Sale of Trustee Business Expected To Complete By 30 April

OneVue Holdings Ltd (ASX: OVH) provides wholesale wealth management services. The Company focuses on superannuation and investment management sectors through fund services and platform services. OneVue targets investment managers, custodians and trustees in Australia and New Zealand.

The company, today on 1 April 2019, has updated that it has signed a Share Purchase Agreement Variation and received a $1m deposit as part payment of the initial purchase price of $37m on the sale of its Trustee Services business to Sargon Capital Pty Limited. The deposit is nonrefundable in the event of termination by the purchaser, notwithstanding the ongoing drive by the parties to complete as soon as possible. Both parties are working together closely concerning the transition of the business. The variation agreement extends the sunset date in the Share Purchase Agreement to 30 April 2019. No other terms or conditions of the Share Purchase Agreement are affected. The sale which was announced on 20 December 2018 is subject to the satisfaction of conditions typical in a transaction of this nature and is now expected to get complete by 30 April 2019.

As per the Interim report for the period ended 31 December 2018, the company has reported total revenue of $29.6 million, a rise of 26% over the prior corresponding period with organic growth of $4.4 million supplemented by growth from acquisitions of $4.9 million. The revenues from continuing operations increased by 31% over the prior comparative period. Earning Before Interest Tax Depreciation and Amortisation for the period ended 31 December 2018 was $3.7 million, up 2% on the corresponding prior period. Earning Before Interest Tax Depreciation and Amortisation from continuing operations increased by 7.9% over the corresponding prior period, while EBITDA from discontinued operations was down 7%.

The operating profit for the period was affected by a $3.0 million cost adjustment indicating the increase in the fair value of the contingent consideration due on the KPMG Super acquisition. This was prompted by the signing on 21 December 2018 of the Three-year pact with Aon Hewitt Ltd and Equity Trustee Superannuation Ltd for the administration of the KPMG Super businesses largest fund.

The consolidated net loss after tax attributable to the members of the group was $3.3 million, compared to the profit after tax of $5.7 million in the corresponding prior period.

On the price-performance front, the stock has posted the year till date return of -25%. The company also has posted returns of -40.82% & -26.89% over the past six & three months respectively. At the time of writing, i.e., on 1st April 2019 AEST 4:00 PM, the stock of the company was trading at a price of A$ 0.43, down 1.149% during the day’s trade with a market capitalisation of ~A$ 114.99 Mn. The stock opened the day at A$ 0.440, reached the intraday high of A$ 0.445 and touched an intraday low of A$ 0.420, with an average daily volume of ~ 1,290,130. It had a 52-week high price of $ 0.920 and a 52 weeks low price of $ 0.395, with an average volume of, 336,128 approximately.


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