1987: Foundation of Lance Jones later sold to Freeman Fox and operated as Freeman Fox Securities
1995: Foundation of Freeman Fox – the seminar company
1995: Freeman Fox presents the enormously popular Wealth Magic series of seminars (over 70,000 graduates)
1999: Peter Spann’s book “From Broke to Multi-Millionaire in Just 7 Years” published by Harper Collins – translated to 5 different languages – worldwide best seller
2000: Freeman Fox acquires Bowden Securities (previously Lance Jones) and changes its name to Fox Trade
2001: Fox Trade acquires OAM and commences trading as a Stockbroker clearing through Commsec, later E*Trade
2001: Foundation of Freeman Fox Wealth Club – the Financial Planning company
2002: Foundation of Freeman Fox Property, Freeman Fox Finance, Freedom Factory and Freedom Events
2003: Freeman Fox moves to Waterfront Place, Brisbane
2003: Freeman Fox Capital raises $2.5m and commences a series of loans to Freeman Fox to help fund its expansion. The intention was to eventually convert those loans to equity in Freeman Fox.
2005: Fox Trade changes its name to Freeman Fox to reflect the predominance of financial services in the business activities of the company
2005: NSX Listing of Property Fox – later Vertua
2007: May: ASX Listing of Fox Invest – later Excela, later AG Financial
2007: Freeman Fox on the BRW Fast 100
2007: Freeman Fox Finalist in the Telstra Business Awards
2007: Freeman Fox acquires Financial Coordinators Australia
2007: Freeman Fox Group valued at $50million by merchant bankers in a potential float. Goal set to get the company to $100million by 2010 and float then.
2007: Hostile takeover bid commenced for control of Property Fox. Property Fox was at the time cash rich and the bidder saw an opportunity to gain control of that cash and the other assets of the company by offering less than the company’s real value. Shareholders largely reject the offer.
2007: October: Property Fox Shareholders vote to return the Director’s of the company and ignore the Directors proposed by the attempted takeover bidder.
2008: Freeman Fox moves to 333 Ann St, Brisbane
2008: Freeman Fox Securities successfully settles law suit with former staff for compensation after they left the company with former clients
2008: October: Mike Willis appointed to the Board of Fox Invest
2008: November: Fox Invest Chairman John Fries flags the intention of the company to “examine opportunities for the company to acquire stakes in companies that offer value to shareholders”, ie: to acquire Freeman Fox
2009: April: Pritchard Equities ceases to be a shareholder in Property Fox and their takeover bid expires.
2009 August: Fox Invest Chairman John Fries passes away
2009: Fox Invest Shareholders vote to acquire Excela Funds Management
Excela Funds Management acquired by Fox Invest
Fox Invest changes its name to Excela and commences a new business plan of funds management
2009: Macquarie Structured Products reengineered to get them out of “cash locked” status – Volition is created with a 94% acceptance by clients. All Volition products reach their expiry date with capital gains from that point from 11.46% to 64.45%
2010: Freeman Fox Property sold its rental roll and ceases to operate as a real estate agent
2010: Freeman Fox Finance sold to Etica Finance
2010: June: Funds Under Management reach $40M in Excela Asset Management
2010: June: As part of the restructure to allow the sale of Freeman Fox Securities to Excela, Financial Coordinators Australia is re-branded as Freeman Fox. Freeman Fox commences to issue advice under its AFSL to clients.
2010: July: Excela Shareholders vote to acquire Freeman Fox Securities
2010: August: Freeman Fox Securities acquired by Excela and changes its name to Excela Stock Broking
2010: August: Excela signs a Services Agreement with Freeman Fox to provide office space, Information Technology framework, Intellectual Property, Access to Database and Personnel
(PS note: This agreement was to compensate Freeman Fox for the loss of revenue through the sale in anticipation of the complete acquisition of the remainder of the Freeman Fox group. It was always intended as a short term measure, however the remainder of the acquisition never proceeded and this agreement contributed greatly to the issues experienced by both companies in the ensuing years until its cancellation in 2013. Had the full acquisition of Freeman Fox been executed, as was the vision of John Fries, it is doubtful these issues would have arisen.).
2011: Negotiation of Salary Package.
(PS note: This package was heavily debated. On the surface it was extremely generous, however I wanted an incentive style package with a low base and a high incentive. The Board insisted upon a higher base and a low incentive, however agreed to consider a staff wide incentive program. The negotiation of this agreement and its subsequent iteration, as well as other matters, produced considerable ill- will between myself and the then Chairman, leading to his eventual resignation.)
2011: June: Freeman Fox Capital converts debt to equity in Excela Ltd.
2011: December: Resignation of Mike Willis as Chairman of Excela.
2012: April: Enmass resignation of stock brokers from Excela forces cash flow crisis.
2012: August: Excela cancels Services Agreement with Freeman Fox severing ties between the two companies
2012: October: Freeman Fox Capital Shareholders vote to wind up the company.
2012: September: Significant restructure and downsizing of staff at Freeman Fox
2012: October: Freeman Fox Wealth Club sold
2012: November : Resignation of CEO of Excela and resumption of Management of the Company by PS, who takes a 20% reduction in salary.
2013: March: PS sells his stake in Excela and resigns as Director and Fund Manager
2013: March: A lender to Excela, Hammond and Simmons seizes Freeman Fox Investment’s shares in Vertua Ltd as Excela failed to advise them within 7 days of the sale of the change of ownership which under the loan agreement was an act of default.
2013: April: PS resigns as a Director of Vertua.
2013 July: Macquarie Structured Products sold back to Macquarie
2013: August: Freeman Fox sold to FNQ Wealth Creation. PS resigns as Director.
2013: September: PS resigns as Responsible Manager of Freeman Fox and severs all ties
2013: November: The new owners of Freeman Fox changes its name to Capital Advisers Pty Ltd
2014: January 7th: Appointment of External Administrator
2014: January 30th: ASIC revokes AFSL
2014: January 31st: Appointment of Liquidator