dkn-in a 6 wk uptrend -discussions??

the charts are looking good with support at 12.5c on the charts & mkt depth since fri when 500T buyer appeared.(could also disappear) however disscussions have been going for several weeks & maybe nearing a conclusion with a positive outcome on the cards with the buyer support. With a merger/takeover one could expect DKN to show an improved performance well into the black all going well.


News June 24, 2003

Outsource deal pushes SMF closer to $2 billion FUM
Freya Purnell

Superannuation administrator and master trust provider SMF Funds Management will gain 600 new members and $8 million in funds when it takes over OFM Investment Group’s remaining superannuation business.

The transfer takes SMF’s funds under management to over $1.8 billion on behalf of over 85,000 investors and 8,000 corporate funds.

OFM decided to divest itself of superannuation to concentrate on its property and mortgage trust businesses, selecting SMF for its specialisation and expertise in superannuation.

Recently investment manager Invesco transferred its Approved Deposit Funds - comprising 1,100 new members and more than $30 million in new funds - into SMF’s master trust The Spectrum Plan, with Invesco head of sales and marketing Peter Hodgson citing the range of options SMF can provide members as the reason for the switch.

According to SMF managing director Christopher Kelaher, the strong trend towards outsourcing is contributing to the consolidation growth SMF is currently experiencing.

“Superannuation is becoming very complex, very onerous and unless you’re a specialist and can do it efficiently it’s hard to make money out of it,” Kelaher says.

SMF expects profits to grow between 15 and 20 per cent this financial year, largely as a result of consolidation growth rather than organic growth, and hopes to pass the $2 billion mark for funds under management in the second half of the year.

“It’s not unrealistic given that the investment markets have normalised, and we are working on a number of initiatives that will contribute to that,” Kelaher says.

While Kelaher declined to discuss these initiatives, he is “expecting developments” as a result of the recent announcement that Deakin Financial Services is in talks with AustChoice Financial Services.

AustChoice holds 9 per cent of Deakin’s listed stock through SMF, which acts as administrator for AustChoice.