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FREEDOM INSURANCE GROUP LTD (FIG)

Delisted from ASX 28/08/2020

SHARE PRICES

Former (or subsequent) names

 

Shareholder links

Our website ranking of FIG: rating 3
(3 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Computershare, Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000FIG2
Address: Level 12, 20 Bond Street, SYDNEY, NSW, AUSTRALIA, 2000
Tel:  1300 884 488 Fax: 

Date first listed: 01/12/2016
Company Secretary: Malcolm McCool
Sector: Insurance
Industry Group: 
Activities: Development and distribution of insurance products

delisted from the close of trading on Friday, 28 August 2020, pursuant to Listing rule 17.15.

28/08/2020

we understand this company failed to pay its annual listing fee on due date and ASX has accordingly removed it from the official list

28/08/2020

The following entity has not paid their annual listing fees in respect of the year ending 30 June 2021 but their securities are already suspended from official quotation.

24/08/2020

The liquidators release a circular to the shareholders. The conduct to date has been mainly focused on quickly bringing matters to a close, completing pre-appointment management accounts, pursuing various insurance recoveries and adjudicating on creditor claims. As for the assets, the liquidators have recovered the full amount of $2.1M from the group's pre-appointment bank accounts, and said bank accounts have been closed. They are also pursuing claims agains the company's D&O insurance for legal and travel costs in relation to the appearance of the company's CEO at the Royal Commission. A summary of claims received and paid in the liquidations of FIG and its subsidiaries are detailed in the circular. The expected return to shareholders will be between $0.00 and $0.01 per ordinary share. Members approved liquidators' remuneration in the amount of $80,000 plus GST which was fully drawn on 24 April 2020. Further fees will be incurred.

26/06/2020

Shareholders passed the resolutions in items 1 through 4 by their requisite majority at the EGM held today at 10:00am (Sydney time) on a poll. Shareholders of the company resolved to enter into members voluntary liquidation and to appoint Joseph Hayes and Andrew McCabe of Wexted Advisors as liquidators of the company.

21/02/2020

The company releases the Chair's Address to Shareholders.

20/02/2020

The company releases an addendum to its notice of EGM dated 23 January 2020 to amend resolution 3. The amendment is being made to reflect a change to the remuneration of the proposed liquidators, Joseph Hayes and Andrew McCabe of Wexted Advisors. The resolution now provides for a total remuneration approval of $88,000 (inclusive of GST) for their role as liquidators of the company. Where the liquidators' fees exceed the approved remuneration, the liquidators will convene a meeting of members to seek further shareholder approval in relation to their fees.

14/02/2020

The following subsidiaries of the company have each held an extraordinary general meeting at which their respective shareholder has resolved to enter members voluntary solvent liquidation and to appoint Joseph Hayes and Andrew McCabe of Wexted Advisors as liquidators: Freedom Insurance Pty Ltd, Customer Contact Pty Ltd, Freedom Insurance Administration, Spectrum Wealth Advisers Pty, Insurance Network Services Australia and Finwealth Holdings Pty Ltd. The company remains the only entity in the Freedom group of companies that is not yet in liquidation. The company's EGM will be held at 10am on 21 February 2020 at Cliftons Venues, 60 Margaret Street, Sydney, where shareholder approval will be sought for the company to enter into a members voluntary solvent liquidation.

14/02/2020

The company will hold an EGM on Friday, 21 February 2020 at 10:00am (Sydney time) at Cliftons Venues, 60 Margaret Street, Sydney NSW 2000.

23/01/2020

The company releases the results of its 2019 Annual General Meeting.

28/11/2019

The company releases the Chair's Address to Shareholders.

28/11/2019

The company lodges its Annual Report.

25/10/2019

The company's AGM will be held at 10:00 am (Sydney) on 28 November 2019 at Cliftons Venues, 60 Margaret Street, Sydney NSW 2000.

25/10/2019

The company lodges its FY19 Financial Statements.

03/10/2019

The company lodges its Appendix 4E and Financial Statements.

03/10/2019

The company releases its Corporate Governance Statement.

03/10/2019

The company releases an Appendix 4G.

03/10/2019

The company lodges its December 2018 Half Year Results.

09/07/2019

The company lodges its Half Year Report.

09/07/2019

The transition of administration services with its insurers announced on 29 April 2019 has now been completed and resulted in a final Settlement Consideration of $5.0 million. This payment is separate to commission and clawback arrangements up to the day of settlement, which have now been finalised, and the business will continue to incur costs associated with the wind down. The wind down of the Spectrum Wealth Advisers business is continuing and all Authorised Representative agreements will be terminated effective 30 June 2019. Freedom has also commenced the cancellation process of its Australian Financial Services Licences for both Freedom Insurance Pty Ltd and Spectrum with ASIC. It should be noted that despite the cancellation of an AFSL, there may be continuing obligations imposed by ASIC on one or both companies that will need to be addressed. Freedom is continuing to work closely with its auditors, KPMG, in relation to the finalisation of its accounts.

27/06/2019

Spectrum is unable to continue to meet a condition of its Australian Financial Services Licence and Freedom therefore intends to commence closing down the Spectrum business immediately. Spectrum's AFSL has a "key person" requirement and due to the departure of a number of personnel who were performing duties on behalf of the company with respect to its financial services business, Spectrum is unable to continue to comply with this licence requirement. Spectrum is today issuing notices to its Authorised Representatives terminating their agreements and advising that no further business should be carried on under the agreements.

31/05/2019

The company has executed an administration services transition and settlement deed with Swiss Re Life & Health Australia Limited in relation to the transition of its policy administration services. Freedom also reaffirms its intention to exit Spectrum Wealth Management post completion of the transfer of its policy administration services. Prior to 30 June 2019 Freedom expects to release its half year accounts to 31 December 2018.

29/04/2019

Freedom has reached an agreement in principle to transfer its policy administration business to a third party. Post allowance for customer remediation, Freedom expects to receive payment of approximately $5m. Freedom intends to exit Spectrum Wealth Management, post completion of the transfer of its administration business. After the exit of Spectrum Wealth Management, Freedom will have exited all its operating businesses. Proceeds from the transfer of its administration business will be used to pay creditors, wind down remaining operations and meet any final regulatory obligations. After meeting these obligations the board intends to return any excess funds to shareholders.

15/04/2019

The preparation and review by the external auditor of its half year FY 2019 financial accounts is ongoing. Freedom is unable to provide an accurate estimate of when the review will be completed. Consequently, lodgement of its Appendix 4D for the period ending 31 December 2018 statement will be delayed. Freedom confirms it is in discussions with key stakeholders regarding its financial position.

28/02/2019

The securities of Freedom Insurance Group Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of FIG, pending the release of an announcement regarding its financial position.

07/02/2019

listed entity carried for record purposes only

01/12/2016

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

     

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    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    David HancockNon Exec Chairman01/12/2016
    Sean WilliamsonCEO14/12/2018
    Jennifer DavittCOO01/12/2016
    Katrina GlendinningNon Exec Director01/12/2016

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Doug HalleyNon Exec Director29/04/201921/02/2020
    James GreenNon Exec Director29/04/201921/02/2020
    Pauline VamosDirector12/11/201821/02/2020
    Stephen MenziesNon Exec Director01/12/201629/04/2019
    Andrew JensenNon Exec Director01/12/201629/04/2019
    Craig OrtonCEO06/02/201831/12/2018
    Keith CohenManaging Director, CEO01/12/201602/10/2018
    Jenny AndrewsCFO01/12/201602/10/2018

    Date of first appointment, title may have changed.