ClearView Wealth will push ahead with the expansion of its adviser base despite the imminent takeover of the listed financial services company by CCP BidCo.
Managing director Simon Swanson confirmed the takeover was on track for completion by the closing date of 5 October.
Last week, CCP BidCo announced a second extension of the offer period from 21 September to 5 October.
In the meantime, Swanson told InvestorDaily that ClearView intended to continue expanding its adviser network by recruiting new advisers and establishing distribution agreements with third-party dealer groups, including independent financial advisers.
“Things continue to go well. We’re in a happy zone, lots of work but all in good spirit,” he said.
“We are about the quality rather than the numbers, and we’re very happy with the people who have been kind enough to join us and very pleased with our progress.”
In July, ClearView announced a 37 per cent increase in adviser numbers from 57 to 78 in the first half of 2012.
Swanson said the company had more appointments in the pipeline, but declined to comment further.
“[For the remainder of the year we are] really continuing to grow our life insurance business and we’ve been pleased with the progress on our wealth management business, so we’re happy on both counts really,” he said.
Last month, the ClearView Wealth board agreed to an implementation arrangement with CCP BidCo after the Crescent Capital Partners Management subsidiary lifted its takeover offer for the company by five cents a share.
The takeover target informed the market it had entered into an implementation agreement with CCP BidCo after it increased its offer to 55 cents per share from 50 cents per share.
ClearView would declare a further 2.2 cents per share special dividend to all shareholders who accepted the revised offer once it was unconditional, the company said in a statement to the Australian Securities Exchange at the time.
