Vow Financial has been valued at $17.6 million as its potential acquisition by Yellow Brick Road moved one step closer.
Yellow Brick Road announced on May 7 that its buyout proposal had been approved by 40 per cent of Vow shareholders.
The group announced today that the deal has now been approved by 100 per cent of Vow shareholders.
The offer valued Vow at $17.6 million.
Vow’s 24 shareholders will be paid 63 per cent in cash and 37 per cent in Yellow Brick Road shares.
The deal still has to be approved by Yellow Brick Road shareholders, who are expected to meet in mid-July to consider the proposal.
Executive chairman Mark Bouris said Yellow Brick Road would not disturb the operational structure of Vow.
“It will operate as a separate division within the Yellow Brick Road group, with Tim Brown remaining as its chief executive,” he said.
Mr Brown said: “The retention of all of Vow’s existing staff should lead to a smooth transition to the new ownership by Yellow Brick Road and to the acceptance by brokers and lenders of such new ownership.”
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