Plan B chair, directors resign
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Kate Kachor is a journalist with InvestorDaily, a Morningstar publication.
Listed financial advisory firm Plan B Group Holdings (PLB) has undergone a series of board changes following the resignation of the dealer group's chairman and two company directors.
In a statement to the Australian Securities Exchange yesterday, Plan B informed the market that company chair Bryan Taylor, executive director Craig Lubich and independent director David de Burgh have resigned.
The changes are a result of IOOF Holdings' (IFL) off-market takeover bid for the dealer group being unconditional as of 27 September, the statement said.
IOOF managing director Christopher Kelaher and IOOF chief financial officer David Coulter will now join the company's board.
Last week, the executive management team of Plan B experienced a shake-up following the departure of the dealer group's chief executive.
An IOOF spokesperson told InvestorDaily that due to the role of Plan B's chief executive no longer being required, all management will now report through to the dealer group's likely new owner, IOOF.
On 28 September, Plan B announced Andrew Black had stepped down from his post as chief.
In July this year, IOOF reached an agreement with Plan B to acquire the company.
As of 14 September, IOOF had reached 86 per cent shareholder acceptance, up from 58 per cent on 5 September, the company said in a statement to the ASX.
The takeover bid, which is subject to a 90 per cent shareholder acceptance level, was previously scheduled to close on 25 September following extension from the original closing date of 11 September.
The board of Plan B said a fully franked dividend of 3 cents a share will be payable to Plan B shareholders on the Plan B register on 26 September.