Tranzact issues update on sale of SMSF business
Tranzact Financial Services Limited has provided an update on the sale of its SMSF administration business, announcing an anticipated reduction in sales proceeds.
In late October 2013, SuperIQ, the SMSF administration business which is 49 per cent owned by AMP, acquired Tranzact’s SMSF administration offering.
Under the terms of the agreement, the sales proceeds of $1.35 million were subject to adjustment at the final settlement date, based on numbers of clients who chose not to transfer to the new provider, according to an announcement on the ASX last week.
“The final settlement date of 23 December 2013 has been delayed due to the detailed reconciliation process required and availability of information and resources over the holiday period,” the announcement stated.
“Whilst the potential reduction in the sales proceeds is not able to be fully quantified at this stage, the number of clients that have chosen not to transfer to the new service provider is disappointingly greater than expected.
“It is anticipated that the reduction in the sales proceeds will be between $250,000 and $300,000.”
