High net worth dealer group Centric Wealth has postponed its initial public offering (IPO) until the first half of 2008.
The firm only last week confirmed to InvestorDaily that the IPO was still on track for the end of this year.
According Centric Wealth joint chief executive Michael Pillemer, the decision came after realising it would not be able to provide clients enough opportunity to consider the offer.
"The main reason is that we want to offer the major part of the IPO to our clients and the timing was really becoming too tight as we headed towards the end of the year," Pillemer said.
"It just didn't give them adequate time to consider it, which was our intention."
The group has also named its new board of directors.
The board will be comprised of chairman, Roger Davis, non-executive directors, Martin Bloom, David MacKenzie, Alan Schwartz and Russel Pillemer and joint chief executive officers, Glen Castensen and Michael Pillemer.
Executives Mike Dunne and John Hart have been appointed as alternate directors, and will contribute specialist expertise to the board as required.
