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OneVue moves to ‘preserve legal rights’ over Sargon payment

ASX-listed superannuation management platform OneVue has moved to reassure investors that its growth is not dependent on an outstanding payment of $31 million from fintech Sargon Capital for the purchase of its Diversa Trustee business.

Last week OneVue placed itself in a trading halt after McGrathNicol’s receivership appointment to a non-operational holding company of Sargon.

OneVue chief executive Connie Mckeage said the business was appropriately funded regardless of the outstanding $31 million payment.

OneVue chief executive Connie Mckeage said the business was appropriately funded regardless of the outstanding $31 million payment. Credit:Sasha Woolley

Sargon purchased OneVue’s trustee services businesses last year. In November the company confirmed it had amended terms of the sale so that Sargon would pay a deferred purchase price of $31 million by May, 2020.

On Monday, OneVue said it understood that no operational businesses were affected by the receivership of one of the Sargon entities, and it had run “all possible scenarios in relation to the Sargon receivable”.

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