Federal Court Approves Sequoia, InterPrac Undertaking Not to Deliver Notice With ASIC Regarding Cancelled Sale
Sequoia Financial Group (ASX:SEQ) said the Federal Court of Australia approved an undertaking from InterPrac Financial Planning and Sequoia that they will not deliver any certificate or notice to the Australian Securities and Investments Commission (ASIC) for the purpose of a clause of the deed of cross guarantee in respect of the proposed sale of shares of InterPrac to Conquest Investment Partners, according to a Monday Australian bourse filing.A court order was made, dated July 31, for the proceedings to be discontinued.Sequoia unit, Sequoia Wealth Group, had earlier terminated the share sale agreement with Conquest for the proposed sale of InterPrac, saying that developments after the signing resulted in circumstances where completion could not occur on terms consistent with those originally planned by the parties.
