Listed premium funder Centrepoint Alliance has secured the exit of Aviva from its share register, after shareholders agreed to swap the British insurer’s 7.6% holding for Centrepoint’s 81% stake in Singapore financial planning group Professional Advisory Holdings.

Centrepoint shareholders at an EGM on Friday voted 88.8% in favour of the swap. The deal includes a cash payment from Aviva of $S282,480 ($224,187).

A majority also voted to take back 428,572 partly paid shares held by MD Tony Robinson without payment, and to replace them with 1.5 million options convertible by November 2015 at 40 cents a share.

The shares, issued in December 2009, are well out of the money following a capital restructure. If forced to fully pay them up when the call is due at the end of this month, Mr Robinson would have been liable to pay $375,000 for shares worth $79,900.

The conversion price for his options is the same as the current share price, so if the Centrepoint price rises further he will profit by converting in 2015.

Mr Robinson has struggled to turn Centrepoint around from a $30 million loss when he took over in July 2009, aiming to repair damaged relationships with NAB and restructure its financial advisory operations.

Legacy issues in the financial planning business caused a $17.8 million loss last financial year but the premium funding division made a $1.64 million profit and is tracking well, Chairman Rick Nelson says.