Insignia Financial Ltd (ASX: IFL) today announced that its shareholders have overwhelmingly voted in favour of the proposed acquisition of all Insignia Financial shares by Daintree BidCo Pty Ltd. Daintree BidCo is an entity established by CC Capital Partners LLC and its affiliates. Insignia Financial, with origins dating back to 1846, is a leading Australian wealth manager providing financial advice, superannuation, wrap platforms, and asset management services to members, financial advisers, and corporate employers. The Scheme Resolution, as detailed in the Scheme Booklet, was passed by a significant majority, with 98.65% of votes cast by shareholders in favour and 89.96% of shareholders present and voting also supporting the resolution.
The Scheme of Arrangement remains subject to final approval by the Federal Court of Australia. A hearing is scheduled for 10:00am (Melbourne time) on 16 April 2026. This shareholder vote was conducted in accordance with ASX Listing Rule 3.13.2 and section 251AA(2) of the Corporations Act 2001 (Cth), following orders made by the Court on 25 February 2026. The company noted that the Scheme is also contingent on certain other conditions precedent outlined in the Scheme Booklet.
Should the outstanding conditions be satisfied or waived and the Court grant its approval, Insignia Financial plans to lodge the Court orders with the Australian Securities and Investments Commission on 17 April 2026, at which point the Scheme will become legally effective. It is anticipated that Insignia Financial shares will be suspended from trading on the ASX from market close on the effective date. The Scheme is then expected to be implemented on 28 April 2026, with eligible shareholders on the record date of 5:00pm (Melbourne time) on 21 April 2026 set to receive $4.80 cash for each Insignia Financial share held. The company clarified that this timetable is indicative and subject to change.
