Ansarada Group Provides Update on Acquisition by Datasite
AND (AND) Share Update July 2024 Monday 15th
Ansarada Announces Key Dates for Acquisition by Datasite
Ansarada Group Limited (ASX:AND) has provided an important update regarding its acquisition by DS Answer Pty Ltd, a subsidiary of Datasite, detailing key dates and regulatory milestones.
Instant Summary:
- ACCC to announce findings on 8 August 2024.
- General Meeting scheduled for 21 August 2024.
- Scheme Meeting to follow General Meeting on 21 August 2024.
- Second Court Date set for 27 August 2024.
- Effective Date of the Scheme is 28 August 2024.
- Last trading day of Ansarada Shares on ASX will be 28 August 2024.
- Implementation Date for the Scheme is 6 September 2024.
Transaction Overview
Ansarada Group Limited (ASX:AND) has updated its shareholders on the proposed acquisition by DS Answer Pty Ltd, a subsidiary of Datasite, managed by CapVest. The acquisition will be conducted through a scheme of arrangement.
Regulatory Approvals
The Australian Competition and Consumer Commission (ACCC) has set a provisional date of 8 August 2024 to announce its findings on the Scheme. If the ACCC raises no objections, Ansarada expects the Foreign Investment Review Board (FIRB) approval to follow shortly thereafter.
Key Dates
The New South Wales Supreme Court has ordered the following schedule for the Scheme:
- General Meeting: 3:00pm (Sydney time) on 21 August 2024.
- Scheme Meeting: 4:00pm (Sydney time) on 21 August 2024, or immediately following the General Meeting.
- Second Court Date: 9:15am (Sydney time) on 27 August 2024.
- Effective Date of the Scheme: 28 August 2024.
- Last trading day of Ansarada Shares on ASX: 28 August 2024.
- Record Date for Scheme Consideration: 7:00pm (Sydney time) on 30 August 2024.
- Implementation Date: 6 September 2024.
Board Recommendations
Ansarada's Independent Directors, including Mr. Peter James, Mr. David Pullini, Ms. Nancy Hobhouse, and Mr. Stuart Clout, recommend that shareholders vote in favor of the Scheme and the Carve-Out Transaction, provided there is no Superior Proposal and the Independent Expert continues to conclude that the Scheme is in the best interests of shareholders.
Further Information
Shareholders seeking more information can visit the Ansarada website or contact the Ansarada Shareholder Information Line.
The acquisition by Datasite is expected to bring significant changes to Ansarada's operations and stock performance. Approval from ACCC and FIRB will likely boost investor confidence, potentially leading to a positive market reaction. However, the delisting of Ansarada from ASX might cause some short-term volatility.
Investor Reaction:
Analysts have generally responded positively to the acquisition, noting the strategic fit between Ansarada and Datasite. Some investors are cautiously optimistic, awaiting regulatory approvals before making further decisions.
Conclusion:
Investors should keep a close watch on the upcoming key dates and regulatory announcements. The successful completion of the acquisition could present new opportunities for Ansarada shareholders.