Sequoia Provides Update on InterPrac Sale Amid ASIC Legal Action
Sequoia Financial Group Limited (ASX: SEQ) has provided an update on the proposed sale of its subsidiary, InterPrac Financial Planning, following regulatory action by the Australian Securities and Investments Commission (ASIC). ASIC has initiated court proceedings seeking the appointment of a receiver over certain guarantees linked to InterPrac, aiming to assess whether the proposed sale is conducted on fair and reasonable terms and to review the subsidiary’s financial position.
Importantly, the company clarified that the proceedings relate only to specific guarantees and do not restrict InterPrac’s ability to continue normal operations or prevent the transaction from progressing. Sequoia also noted that concerns raised by ASIC regarding potential impacts on creditors are not supported by its assessment. The company continues to engage with ASX regarding potential shareholder approval requirements and remains committed to completing the transaction in a transparent and orderly manner.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Sequoia Provides Update on InterPrac Sale Amid ASIC Legal Action
Sequoia Financial Group Limited (ASX: SEQ) has provided an update on the proposed sale of its subsidiary, InterPrac Financial Planning, following regulatory action by the Australian Securities and Investments Commission (ASIC). ASIC has initiated court proceedings seeking the appointment of a receiver over certain guarantees linked to InterPrac, aiming to assess whether the proposed sale is conducted on fair and reasonable terms and to review the subsidiary’s financial position.
Importantly, the company clarified that the proceedings relate only to specific guarantees and do not restrict InterPrac’s ability to continue normal operations or prevent the transaction from progressing. Sequoia also noted that concerns raised by ASIC regarding potential impacts on creditors are not supported by its assessment. The company continues to engage with ASX regarding potential shareholder approval requirements and remains committed to completing the transaction in a transparent and orderly manner.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au