Plan B takes 100% interest in Strategic

Perth-based wealth management firm Plan B Group Holdings has moved to full ownership of Melbourne based advisory business Strategic Financial Management.

The company announced it has exercised its call option to acquire the outstanding 14 per cent interest it does not currently own in Strategic, meaning its total interest is now 100 per cent.

In a statement Plan B said the consideration for the additional investment in Strategic is the issue of 963, 208 new ordinary Plan B shares, and the payment in cash of $750,000.

Plan B will fund the cash component of the consideration from its existing cash reserves.

"The early completion of the acquisition of this final portion of Strategic is an exciting event for the Company and evidences the strong relationship that has been built up between Strategic and Plan B," said executive chairman Bryan Taylor.

"We expect that this synergistic acquisition will help facilitate continued growth of Strategic," he said.