Sargon called in voluntary administrators for a number of its subsidiaries after its creditor Taiping Trustees appointed receivers over a debt facility it provided.
OneVue on the other hand moved in when it appointed receivers Daniel Walley and Chris Hill of PwC, following up on $31 million it was owed after selling its business Diversa Trustees to Sargon last year.
On Wednesday, OneVue took control of Sargon’s stake in wealth firm Sequoia, 19 per cent of its total share holdings, which were estimated to be worth approximately $4.6 million, based on Tuesday’s closing price of 20 cents a share.
In the latest securement, OneVue and the receivers will be working with Madison to enable a sale of the business, such that it can continue to operate on a stable footing without “unnecessary distractions”.
The Sargon rebrand of Madison, which was promised to be completed by March 2020 when it bought the dealership in 2018, has ceased. The advice group will continue to operate under the Madison name.
While other companies owned by Sargon have entered administration proceedings, Madison was reported to continue to operate on a business-as-usual basis.
The receivers are working with OneVue to realise Madison’s value.
Connie McKeage, managing director of OneVue said Madison has been an important client of OneVue.
“We have known most of the Madison advisers for many years and we care about them and their business,” Ms McKeage said.
“The group has been through quite an unsettling couple of years and our main aim is to enable the advisers to get on with the day-to-day servicing of their clients without interruption.”
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
