Sargon trustee businesses sale expected soon

It's only a few days until the new ownership of Sargon's regulatory operating businesses is finalised, OneVue told its investors in ASX filings yesterday.

The platform business said the sale is expected to complete by March 31 or soon after, subject to satisfaction of conditions.

Meanwhile, Madison Financial Group's sale is expected to complete in April.

"Once the results of the sale become known the board will make a further announcement on the application of these funds and capital management plans," OVH said in company filings.

About a month ago, Ernst and Young said it had found a buyer for the eight businesses across the Sargon Group, which own the superannuation trustee business, the corporate trustee business, the responsible entity business and the New Zealand operations.

The name of the buyer or the agreed price was not revealed.

At the time of acquisitions, Sargon's agreed to a purchase price of $94.6 million across three assets Diversa Trustees, CCSL and Australian Executor Trustees.

OneVue was owed $31 million by Sargon Capital, from when it sold its Diversa Trustees business and CCSL to Phil Kingston's company. In late January, Sargon Capital and two other entities were forced into administration after they defaulted on interest payments of a loan made to the companies by China's Taiping Trustees.

So far, OneVue has been able to recoup $4.36 million from selling Sargon's stake in ASX-listed Sequoia Financial Group. It also has 100% control of Madison Financial Group, and is in line with other creditors for the proceeds from the trustee and RE business sale.

Read more: OneVueDiversa TrusteesMadison Financial GroupSargon CapitalSargon Group
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