The executive management team of Plan B will report directly to IOOF as a result of the departure of the dealer group’s chief executive.
An IOOF spokesperson told InvestorDaily that due to the role of Plan B’s chief executive no longer being required, all management will now report through to the dealer group’s likely new owner, IOOF.
On Friday, Plan B announced Andrew Black has stepped down from his post as chief executive.
Black’s departure is a result of IOOF’s off-market takeover of Plan B being unconditional as of 27 September, the company said in a statement to the Australian Securities Exchange (ASX).
“The board of directors thanks Andrew for his contribution to Plan B over the past 12 months and wishes him well in his future endeavours,” the statement said.
In July this year, IOOF reached an agreement with Plan B to acquire the company.
As of 14 September, IOOF had reached 86 per cent shareholder acceptance, up from 58 per cent on 5 September, the company said in a statement to the ASX.
The takeover bid, which is subject to a 90 per cent shareholder acceptance level, was previously scheduled to close on 25 September following extension from the original closing date of 11 September.
The board of Plan B said a fully franked dividend of three cents per share will be payable to Plan B shareholders on the Plan B register on 26 September.
