OneVue has confirmed it will be taking over dealer group Madison Financial Group after receivers were appointed to its parent company Sargon Capital earlier this week. On Wednesday, the receivers appointed to Sargon, Chris Hill and Daniel Walley of PwC, were reported to secure Sargon’s holdings in Sequoia, representing a 19 per cent stake of the total ordinary shares. The shares were estimated to be worth approximately $4.6 million, based on Tuesday’s closing price of 20 cents per share.

In a statement to the ASX, OneVue said it and the receivers will be working with Madison to enable a sale of the business, such that the business can continue to operate on a stable footing without unnecessary distractions. As part of this process, the Sargon rebranding of Madison has ceased and will continue to operate under the Madison name. Further, OneVue said the operating business of Madison is not subject to any form of insolvency proceedings and it continues to operate on a business-as-usual basis.

The rest of this article can be found at ifa.com.au.