investor daily logo

Millennium3 rescues Superwoman

By Victoria Young
2 minute read

ING-owned licensee's proposal is accepted by creditors, but WestFin could still step in.

Creditors of troubled Superwoman Financial Solutions Group (SFSG) have voted to accept Millennium3's rescue proposal - but WestFin could still scupper the bid.

In a heated meeting, creditors voted in favour of a deed of company arrangement proposed by 50 per cent shareholder and major creditor Millennium3.

SFSG managing executive Shari Mitchell proposed the bid, which was seconded by Superwoman Financial Solutions (SWS) financial adviser Tammy Kershaw.

"Millennium3 is the best result for the Superwoman team and for the company going forward. The team is very excited about prospects for the future," Mitchell said.

The ING-owned dealer group stumped up $1 million to pay creditors, take control of assets and continue the business.

SFSG has two subsidiaries, Superwoman Money and SWS.

"Millennium3 is particularly pleased that Superwoman staff voted in favour of its proposal and views this as a vote of confidence in the future of the business and Millennium3's management," a spokesman said.

Scone-based public unlisted company WestFin Australia also submitted a deed of company arrangement to the administrators.

The $3 million bid was not considered as WestFin had not completed its due diligence and made the offer unconditional.

A Supreme Court of NSW judge ruled WestFin be given 14 days to complete its due diligence, following an application by one of the group's shareholders that yesterday's meeting be delayed to allow other offers.

SFSG went into voluntary administration in April owing creditors nearly $2 million.