Patersons is pleased to announce that the Federal Court of Australia has made orders:
- approving a scheme booklet for distribution to Patersons shareholders (Scheme Booklet); and
- that a meeting of Patersons shareholders be convened to consider and vote on the Scheme (Scheme Meeting).
The Scheme Booklet sets out important information in relation to the Scheme and the proposed transaction and will be despatched to Patersons shareholders today.
The Independent Expert, Deloitte Corporate Finance Pty Ltd, has concluded that the Scheme is fair and reasonable and therefore in the best interests of Patersons shareholders. This conclusion should be read in conjunction with the full report issued by the Independent Expert.
The Patersons directors unanimously recommend that Patersons shareholders vote in favour of the resolution to approve the Scheme, and unanimously intend to vote all Patersons shares in which they have a relevant interest in favour of the resolution to approve the Scheme, in each case in the absence of a “Superior Proposal” and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Patersons shareholders.
The Patersons directors also unanimously recommend that Patersons shareholders vote in favour of a resolution connected to the Scheme to be considered at a general meeting to be held immediately after the Scheme Meeting (General Meeting
) and intend to vote all Patersons shares in which they have a relevant interest in favour of that resolution, subject to the same qualifications noted above.
The important dates and expected timetable for the Scheme are set out fully in the Scheme Booklet and include the following:
|Scheme Meeting and General Meeting
||1 October 2019
|Second Court Hearing for approval of the Scheme
||7 October 2019
|Implementation Date of the Scheme
||22 October 2019
The above timetable is indicative only and Patersons has the right to vary the timetable subject to all necessary approvals.
If any Patersons shareholder has questions about the Scheme Booklet, the Scheme or the proposed transaction, please contact Timothy Platts on +61 8 9263 1223 between 9.00 am and 5.00 pm (Perth time) Monday to Friday.