News
For the latest happenings in Snowball and related entities
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Snowball is pleased to announce it has achieved a solid result for FY10 at a time of market volatility and fundamental industry change, and that it has reinvested in structural enhancements to ensure that it is well positioned to capitalise on these changes through both organic growth and acquisition activity.
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High profile and well-respected financial services industry figure, Sally Manion, joins Snowball as Executive Director, Advice & Professional Services, a key position which forms part of Snowball’s senior management team. Ms Manion will have responsibility for Snowball’s offer to clients and the management of its range of advice businesses.
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Highly respected financial services industry leader Eric Dodd has been named as Chairman of Snowball Group Limited. According to Quentin Jones, Snowball’s outgoing Chairman, Mr Dodd’s appointment strengthens the Group’s position as a non-aligned, specialist advice business.
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Snowball reaffirms its stated performance guidance included in the 1H10 result, with the 2H10 result expected to be better than the first half, assuming no materially adverse market movements.
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Snowball is pleased to announce the completion of the acquisition of Officium Capital Limited, a portfolio construction and fund-of-funds management business with $465m in funds under management as at 31 December 2009.
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Snowball’s operating performance improved markedly compared to the prior corresponding period. Operating EBITDA was up 14% to $4.79m.
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Today represents the next milestone in Snowball’s development. It marks an important step in Snowball’s plans for growth in a rapidly changing industry.
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I hope you have all had a chance to review the memorandum as it provides detailed information on Officium Capital and the reasons why the Directors believe the acquisition of Officium Capital is beneficial to Snowball.
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The following information regarding the results of the General Meeting of Snowball Group Limited held on 12 February 2010 is provided in accordance with ASX Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth).
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General Meeting shareholders to consider the acquisition of Officium Capital Limited as announced on 18 December 2009, and a new Employee Incentive Plan and related resolutions.
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Snowball has entered into a binding agreement to acquire 100% of the issued share capital of Officium Capital for a total maximum consideration of $6.5 million, to be paid in cash.
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In our 2009 Annual Report we have noted our view that Snowball’s result was a solid one in the circumstances of the very challenging year, in terms of both markets and trading conditions.
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Snowball exceeds guidance through diversification & cost containment
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