Tolhurst moves on InterFinancial

NATIONAL stockbroking firm, Tolhurst, has moved to acquire investment bank InterFinancial Holdings, just three months after Brisbane-based Interfinancial signed a corporate alliance with Perth stock broking firm Montagu. InterFinancial’s strategic alliance with Montagu was planned to benefit both companies, enabling InterFinancial to attain a stronger footing in the resources sector and Montagu keen to tap east coast markets. Iain Dunbar, a director from Interfinancial’s Brisbane office, relocated to Perth in January to spearhead its Western Australian operations. Montagu executive chairman Michael Atkins told WA Business News he was still waiting to see what consequences the merger would have for the arrangement, but it was not something the firm was worried about. “It’s business as usual at the moment,” he said. Mr Atkins said Montagu often dealt with other firms, and that any projects currently under way would continue unaffected. Tolhurst said the acquisition was part of its plan to accelerate the growth of its investment banking and corporate advisory division. Established in 1987, InterFinancial specialises in mergers and acquisitions, capital raising and strategic advice to small to mid-sized organisations in the ASX-listed, unlisted and public sectors. Tolhurst’s executive chairman, David Browne said: “The acquisition of InterFinancial builds on the depth, range and quality of expertise in Tolhurst making Tolhurst a leading independent investment bank.” Interfinancial’s non-executive chairman Greg Bundy, who previously headed Merril Lynch’s operations in Australia, will be invited to join the Tolhurst board. Tolhurst intends to purchase 100 per cent of InterFinancial with cash and scrip. The Tolhurst board has resolved to raise new capital to underpin the acquisition through a one-for-eight non-renounceable rights issue at 50 cents a share. InterFinancial will continue to trade under its own name.