Diverger, TaxBanter’s parent company, today entered into a binding Scheme Implementation Deed with Count Limited (ASX: CUP), under which Count will acquire 100% of the fully diluted share capital in Diverger by way of a Scheme of Arrangement (SIA or Scheme). A copy of the announcement can be read here.
The Scheme of Arrangement process will take four months.
There is no immediate change to TaxBanter. We will continue to operate as usual, with the same focus on delivering a practical and useful service.
For many years, Diverger has focused on becoming a market leading service provider to accountants and financial advisers with a stable of leading brands – TaxBanter, Knowledge Shop, GPS Wealth, Paragem, Merit Wealth, Priority Networking, and DWA Finance. However, as a small, listed entity, converting growth into returns for our shareholders has been challenging.
The Board and management have been exploring options to position Diverger for the future and those discussions have led us to join forces with Count. Our mechanism for this merger is a Scheme of Arrangement.
While subject to shareholder vote and other aspects of a Scheme process, the result, if successful, would immediately provide the combined business with a market leading position in the provision of services to financial advisers and accountants. It will open up new opportunities for growth and development within both businesses, and the capability to better leverage existing services.
Integration plans will be carefully considered by Count to make the most of our combined strengths while preserving what makes our businesses unique. We are all motivated to maintain and enhance the value of the services we provide.