Xref Limited's Acquisition by SEEK: Court Approves Scheme Meeting
XREF LIMITED (XF1) Share Update December 2024 Friday 20th
Court Approves Xref's Scheme Meeting for SEEK Acquisition
Xref Limited (ASX: XF1) has received court approval to convene a meeting for shareholders to vote on its acquisition by SEEK International Investments Pty Ltd. This marks a significant step in the proposed acquisition process.
Instant Summary:
- Supreme Court of New South Wales approves convening of Scheme Meeting.
- Xref shareholders to vote on acquisition by SEEK International Investments.
- Cash consideration of $0.218 per Xref share offered.
- Scheme Meeting scheduled for 3 February 2025.
- Scheme Booklet to be released after ASIC registration.
Acquisition Details
Xref Limited, a company listed on the Australian Securities Exchange under the ticker XF1, announced that the Supreme Court of New South Wales has approved the convening of a Scheme Meeting. This meeting will allow Xref shareholders to consider and vote on the proposed acquisition by SEEK International Investments Pty Ltd, a subsidiary of SEEK Limited.
The acquisition is structured as a court-approved scheme of arrangement, offering a cash consideration of $0.218 per Xref share. The approval to convene the Scheme Meeting is a crucial step in the acquisition process, ensuring that shareholders have the opportunity to evaluate the proposal.
Scheme Booklet and Meeting Details
The Scheme Booklet, which will provide comprehensive information about the acquisition, will be released to the ASX following its registration with the Australian Securities and Investments Commission (ASIC). This booklet will include a Notice of Scheme Meeting and an Independent Expert’s Report, offering insights into the fairness and implications of the proposed acquisition.
The Scheme Meeting is scheduled for 3 February 2025 at 4:00 pm AEDT and will take place at Level 10, 2 Park Street, Sydney, NSW, with options for virtual attendance via Zoom. Shareholders will receive detailed instructions on how to participate and cast their votes.
The court's approval to convene the Scheme Meeting is a positive development for Xref, indicating progress in the acquisition process. If the acquisition is approved by shareholders, it could result in a significant change in ownership structure and potentially enhance shareholder value through the cash offer. The market may react favorably to the news, anticipating a successful acquisition process.
Investor Reaction:
Analysts are likely to view the court's approval as a positive step towards the completion of the acquisition. The cash offer provides a clear exit strategy for shareholders, which may be appealing given current market conditions. However, some investors may seek further clarity on the long-term strategic benefits of the acquisition.
Conclusion:
Investors should closely monitor the upcoming Scheme Meeting and review the Scheme Booklet for detailed information. The outcome of the shareholder vote will be crucial in determining the future direction of Xref Limited. Engaging with the process will ensure that shareholders make informed decisions regarding their investments.