• ASIC has commenced court proceedings to appoint a receiver over certain property of InterPrac
• Receiver will have no power to dispose or encumber any property of InterPrac
• Sequoia believes ASIC's concerns about the sale are unfounded

Sequoia Financial Group Limited ('Sequoia') provides an update on the proposed disposal of InterPrac Financial Planning Pty Ltd ('InterPrac') to Conquest Investment Partners Pty Ltd ('Conquest'). The company confirms that the Australian Securities and Investments Commission ('ASIC') has commenced court proceedings to seek the appointment of a receiver over certain property of InterPrac, namely the guarantees in the ASIC cross deed of guarantee. The proceeding seeks to secure those guarantees so that the receiver can prepare a report for ASIC as to whether the sale of InterPrac to Conquest is a bona fide sale and whether the consideration is fair and reasonable. Sequoia notes that the court proceeding does not seek to appoint a receiver over any property of InterPrac other than the guarantees, and any such appointment will not prevent InterPrac from continuing to trade or the proposed sale from proceeding. Sequoia believes ASIC's concern that the intended sale of InterPrac may adversely affect the interests of InterPrac's creditors is unfounded, as InterPrac will remain a party to the ASIC Deed of Cross Guarantee immediately following the sale. Sequoia continues to engage with ASX Limited regarding whether shareholder approval is required for the sale of InterPrac and remains committed to progressing the transaction in an orderly and transparent manner.