Listed financial services firm Centrepoint Alliance has secured shareholder approval to proceed with the acquisition of all externally owned shares in Ventura Investment Management.
"There's no change in strategy for Ventura. We thought that the price was a fair price for the buyer and the seller because obviously we're always concerned about our shareholders and our other stakeholders," Centrepoint managing director Tony Robinson. said.
Robinson said one of the benefits of the acquisition was shareholders got a liquid security at a relative evaluation that was fair to "both sides of the equation".
"That's really the change. The rest of it is very much business as usual. The people inside of Ventura are driving the business forward and will continue to pursue the strategies they have in place," he said.
He said there would be no need to sit down with Ventura Funds Management managing director Kate Mulligan to discuss the direction of the group.
"I would like to think that I could add some value in the direction the business is pursuing over time, but Kate is a really competent and capable person and is doing a good job managing the business," he said.
He said it was not Centrepoint's ultimate intention to acquire all Ventura shares, however, discussions on the matter were undertaken during the firm's merger talks with PIH, Professional Investment Services' parent group.
"We have always talked to them about the fact that the shareholders in Ventura had illiquid shares and it might be something that would be worth approaching those shareholders on, but there was no commitment ever to do it," he said.
In April, Centrepoint informed the market it was in discussions with Ventura shareholders to purchase shares in the group.
The scheme agreement is expected to be completed, subject to court approval, on 16 August.
