8 July 2024
Shareholders of Perth-based OSV operator MMA Offshore have voted in favour of the proposed acquisition of 100% of the company’s issued shares by a subsidiary of Singapore-based offshore wind vessel pure-play Cyan Renewables.
Late last month, Cyan offered AUD 2.70 ($1.80) cash per MMA share. This was an improved proposal compared to an offer in March which priced an MMA share at AUD 2.60 ($1.73). The improved offer valued the Australian company’s equity at approximately AUD 1.07bn ($713.7m), on a fully diluted basis.
Days later, Singaporean business magnate Michael Kum, who holds about 7.7% in MMA via his vehicle Halom Investments, said he would back the takeover of MMA Offshore.
Also, the directors of MMA unanimously backed the bid, along with the company’s other major shareholder, TIGA Trading, and its associates.
In an announcement on Monday, MMA said that the takeover scheme was approved with 92.30% of the votes being in favour and 65.20% of shareholders present and voting were in favour of the scheme.
MMA will now submit the scheme for approval by the Federal Court of Australia at the scheduled hearing on July 10, 2024. If all conditions are satisfied, implementation of the scheme is expected to occur on or about July 25, 2024.
Furthermore, the effective date of the transaction and last date of trading of MMA shares on the ASX will be July 11, 2024, while the payment of the scheme consideration is expected on July 25, as well.
Source: Spash247.com