Planning collective on track for IPO

End of year float a possibility

By Kate Kachor
Wed 30 Jul 2008

Unlike PIS and Centric Wealth, financial planning collective - the Best Advice Project, plans to push ahead with its IPO.

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Financial planning collective, the Best Advice Project, will push ahead with its planned listing on the Australia Securities Exchange (ASX) at the end of the year, the company's chief executive has said.

"We're still looking at that. The original timetable is towards the end of this year and that's still possible," company chief Tony Fenning said.

The listing would be made under the Best Advice Project's holding company, Shadforth Financial Group Limited, Fenning said.

 As the company's listing was not based on a capital raising, the current market downturn had no impact on the company's decision to float, he said. 

"The question is not the market environment, as we're not planning on doing a capital raising, the question is, are we ready?" Fenning said.

"The plan would still be to list either late this year or sometime next year. But we're open to whatever would be the right thing at the time. We're not painting ourselves into a corner."

The planning group is one of the first Australian financial services companies to firmly state its intention to list on the ASX for 2008.

Professional Investment Services (PIS) and Centric Wealth have said previously they would float later this year.

However, PIS did not intend to list any time soon and Centric Wealth's decision to list remains unchanged from the April announcement its listing plans were on hold due to market downturn.

The Best Advice Project currently has 11 firms as part of its financial planning collective.

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