Street Talk

Sargon's stake in Sequoia crosses market, Canaccord on ticket

Sarah Thompson, Anthony Macdonald and Tim Boyd

Feb 19, 2020 — 5.19pm

Superannuation infrastructure services fintech Sargon Capital's 19 per cent stake in Sequoia Financial Group has been sold through Canaccord Genuity's equities desk.

Sargon Capital has sold its stake in Sequoia Financial. Eamon Gallagher

The block trade went through on Wednesday after market at a price of 19¢ a share, a discount to Sequoia's 21¢ last close.

Sargon held about 23 million shares in Sequoia.

The sale comes after the holding company of the high-powered fintech fell into receivership in January.

A week later, ASX-listed wealth platform and administration business OneVue acquired 100 per cent of the shares in Sargon's financial advice subsidiary Madison Financial Group.

As part of that process, OneVue also appointed PwC's Chris Hill and Daniel Walley to seize control of Sargon's 19 per cent stake in Sequoia.

Since then, the administrators had flagged their plans to sell the stake.