Federal Court Approves MMA Offshore's Acquisition Scheme
MMA OFFSHORE LIMITED (MRM) Share Update July 2024 Wednesday 10th
MMA Offshore Limited's Scheme Approved by Federal Court
MMA Offshore Limited (ASX: MMA) has announced that the Federal Court of Australia has approved the proposed scheme of arrangement, allowing Cyan MMA Holdings Pty Limited to acquire all issued shares of MMA.
Instant Summary:
- Federal Court of Australia approves MMA Offshore's scheme of arrangement.
- 100% of MMA shares to be acquired by Cyan MMA Holdings Pty Limited.
- Scheme becomes effective upon lodgement with ASIC.
- MMA shares to be suspended from trading on ASX from 11 July 2024.
Approval and Lodgement
The Federal Court of Australia has given its approval for the proposed scheme of arrangement between MMA Offshore Limited and its shareholders. Under this scheme, Cyan MMA Holdings Pty Limited, a wholly-owned subsidiary of Cyan Renewables Pte. Ltd., will acquire 100% of the issued shares in MMA.
According to section 411(10) of the Corporations Act 2001 (Cth), the scheme will become legally effective once the Court's orders are lodged with the Australian Securities and Investments Commission (ASIC). The lodgement is expected to occur tomorrow, making the scheme legally effective.
Trading Suspension and Timetable
Once the scheme is legally effective, MMA shares will be suspended from trading on the ASX from the close of trading on Thursday, 11 July 2024. Key dates for the scheme are as follows:
- Effective Date: 11 July 2024
- Record Date: 18 July 2024
- Implementation Date and Payment Date: 25 July 2024
All dates and times are in Perth, Western Australia, and are subject to change. Any changes will be announced by MMA to the ASX.
Further Information
MMA shareholders with questions regarding the scheme can contact the MMA shareholder information line at 1300 148 339 (within Australia) or +61 2 9066 4059 (outside Australia) from Monday to Friday between 9:00 am and 5:00 pm (AEST).
The approval of the scheme is a significant development for MMA Offshore Limited. The acquisition by Cyan MMA Holdings Pty Limited could potentially lead to positive changes in the company's strategic direction and operational efficiencies. However, the suspension of trading might cause short-term uncertainty among investors.
Investor Reaction:
Initial reactions from investors and analysts are mixed. Some investors are optimistic about the potential benefits of the acquisition, while others are cautious about the short-term impacts of the trading suspension.
Conclusion:
Investors should stay informed about the finalisation of the scheme and consider the long-term implications of the acquisition on their investments. Monitoring further announcements from MMA Offshore Limited will be crucial in making informed decisions.