Incoming FirstCape CEO Malcolm Jackson says this is a milestone week for Jarden and NAB as they combine wealth advice and asset management businesses in New Zealand to form FirstCape.
“Employees across Jarden, BNZ Wealth and Harbour Asset Management have Townhalls for the first time to bring the team together and update on progress. All Jarden shareholders have also received a Special Meeting Notice and a vote to approve the transaction is set for the March 13.
“The proposal is for Jarden Wealth and Asset Management to be sold to the new entity, FirstCape, for $238.7 million, on a debt and cash free basis, and assuming a certain base level of regulatory capital.
“The consideration will comprise of $140 million of scrip in FirstCape, representing a 20% equity interest, and $98.7 million in cash. This is the upper end of the standalone valuation presented at Jarden’s July Shareholder update of between $136 million and $255 million.
“The Board is unanimously recommending shareholders vote in favour of the transaction and expects the vote to comfortably pass."
For now, JBWere, Jarden and BNZ are continuing operating their respective businesses with no changes to the way they serve clients.
FirstCape will have 113 advisers, $29 billionn of funds under advice and administration and $15 billion of funds under management, including $5 billion of KiwiSaver funds under management.
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