Professional Investment Holdings (PIH) has moved a step closer in its proposed merger with Centrepoint Alliance after company shareholders voted in favour of the deal.
The parent company of dealer group Professional Investment Services (PIS) announced late yesterday that it had reached the required 75 per cent of votes in favour of the merger in each share class.
"Shareholder approval brings the group a step closer to the realisation of a long-term goal of being listed on the ASX [Australian Securities Exchange] and provides the platform for the next stage of PIH's growth," PIH chairman Stephen Murphy said.
"We would like to thank all PIH shareholders, advisers, accountants and staff who have committed to the continued development and growth of the group and its long-term success in an ASX-listed environment."
PIH and the ASX-listed Centrepoint will now seek Federal Court approval, with a hearing scheduled for Monday 29 November 2010.
The issue of Centrepoint shares to PIH shareholders is scheduled for Monday 13 December 2010.
