PIS parent company, Professional Investment Holdings, and Centrepoint Alliance have announced the completion of a due diligence process and have confirmed the target implementation date for the merger between the two firms.
Centrepoint, an insurance premium funding specialist, says the due diligence process uncovered ‘no unanticipated issues,’ but said the final merger agreement had been amended to reflect market movement.
The changes include:
- An initial provision to PIH of $7.5 million in funding, with members of CAF joining the PIH Board, while two members of the PIH Board will in turn join the CAF Board
- The merger ratio has been amended so that PIH shareholders will hold 75% of the merged group, following a final dividend return to current CAF shareholders prior to the merge
The firms advise the merger implementation date has been set for 1 January 2011 or earlier, by mutual consent.
