Renewed interest in CBA’s Count stake | Australian Markets
The Commonwealth Bank continues to carry a stake in Count Limited, however at the very least one of the elements impacting that stake, a class motion, is no longer in play.
In an announcement which was solely briefly reported this week, each the Commonwealth Bank (CBA) and Count Limited advised the Australian Securities Exchange (ASX) that the category motion had been dismissed.
The class motion had alleged that Count Financial, then a wholly-owned subsidiary of the Commonwealth Bank, had contravened its legal obligations by failing to make sure that their advisers had been appearing in their shoppers’ best interest and prioritising their shoppers’ pursuits when giving personal financial advice and receiving commissions/and or advantages.
The Federal Court started listening to the case in early 2024 and reserved judgement till this week’s choice.
The bank bought Count Financial to CountPlus in mid-2019 however retained a 38% stake which has since diluted to round 25%.
The CBA had final 12 months acquitted just about all of the indemnity obligation it supplied to CountPlus on the time of the 2019 sale,.
The CBA stake has been thought to be pivotal to any merger and acquisition exercise round Count Limited.
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