ClearView Wealth’s board reshuffles following takeover by CCP BidCo. Anthony Eisen resigns as director.
Following CCP BidCo’s unconditional offer of ClearView Wealth the board has entered a transitionary period until 30 June 2013.
In line with the changes, Anthony Eisen has resigned as director of ClearView Wealth with effect from 11 October 2012. As a result of his resignation his alternate director, Michael Jefferies, has also vacated the office.
ClearView Wealth managing director Simon Swanson said that Ray Kellerman and Susan Thomas will remain on the board with Kellerman serving as chairman.
Following completion of the transition period on 30 June 2013, Michael Alscher and Michael Lukin will transition onto the ClearView board, with Kellerman and Thomas departing. Gary Weiss will then become chairman.
In September CCP BidCo successfully secured the required 50 per cent interest in Clearview Wealth’s company shares, making the offer unconditional and allowing the takeover to proceed.
In August the ClearView Wealth board agreed to an implementation arrangement with CCP BidCo after the Crescent Capital Partners Management subsidiary lifted its takeover offer for the company by five cents a share.
The takeover target informed the market it had entered into an implementation agreement with CCP BidCo after it increased its offer to 55 cents per share from 50 cents per share.
ClearView’s major shareholder, Guinness Peat Group, which holds 47.8 per cent of the shares, said at the time it intended to accept the revised offer, bringing CCP’s relevant interest to more than 50 per cent.
CCP made its initial 50 cents per share bid for the company in July.
At the time, the ClearView board advised its shareholders not to take action in response to the offer until it had completed a full assessment.
Later in July, the board rejected the $220-million takeover offer, citing an inadequate offer price.
