ClearView Wealth’s adviser network now has access to 10.49 million shares in the company under a waiver provided by the Australian Securities Exchange (ASX).

ClearView is under a $220 million offer from private equity group Crescent Capital and needed ASX permission to issue the shares under its executive share plan for three months following the launch of the July bid.

The share issue will amount to only 2.4% of the company’s capital and is not seen as a significant defensive measure in the takeover battle.

However, informed sources say the share issue will help weld the advisers and management to the current ownership structure, as they will be offered the shares at a discount.

ClearView’s board has rejected Crescent’s offer, saying it undervalues the company. Market analysts have said it is pitched 14% below ClearView’s embedded value when recent deals have been done at 1.4 times that multiple.

Currently Crescent’s bid vehicle, known as CCP Bidco, has control of 11.6% of ClearView, including 31.75 million shares held by merchant bank Investec and 12.9 million shares held by Gary Weiss’ Ariadne Group.

Mr Weiss’ former employer, 47.8% shareholder GPG, has rejected the bid and the ClearView share price is sitting at 55c, a 10% premium to Crescent’s bid.

If Crescent succeeds Mr Weiss will become ClearView’s chairman.