QANTM Finalizes Election Results for Acquisition by Fox BidCo Pty Ltd
QANTM INTELLECTUAL PROPERTY LIMITED (QIP) Share Update August 2024 Friday 9th
QANTM Announces Final Election Outcome for Scheme of Arrangement
QANTM Intellectual Property Limited (ASX: QIP) has announced the final election outcome for the scheme of arrangement under which Fox BidCo Pty Ltd will acquire 100% of QANTM shares.
Instant Summary:
- QANTM shareholders made valid elections for Mixed Consideration for 19.91% of shares.
- No Scaleback Arrangements will apply.
- Total number of HoldCo Shares issued will be less than the Maximum Scrip Threshold of 24%.
- Implementation Date expected to be 19 August 2024.
Final Outcome of Election Results
QANTM Intellectual Property Limited (ASX: QIP) has released the final outcome of the elections made by its shareholders for Mixed Consideration under the scheme of arrangement with Fox BidCo Pty Ltd, an entity owned and controlled by funds managed and advised by Adamantem Capital Management Pty Ltd.
As of the Scheme Record Date on 8 August 2024, QANTM shareholders have made valid elections for Mixed Consideration for 28,572,179 shares, representing 19.91% of the total 143,528,254 QANTM shares under the scheme.
No Scaleback Arrangements
Based on the final election results and the number of HoldCo Shares to be issued to Equity Incentive Holders, the total number of HoldCo Shares to be issued to QANTM shareholders and Equity Incentive Holders will be less than the Maximum Scrip Threshold of 24% of the total issued capital of HoldCo as of the Implementation Date, which is currently expected to be 19 August 2024.
This means that QANTM shareholders who made valid elections for Mixed Consideration will not be subject to Scaleback Arrangements.
Further Information
If shareholders require any further information regarding the scheme, they can contact the Shareholder Information Line at 1300 266 413 (within Australia) or 03 9938 4344 (outside Australia) from Monday to Friday between 8:30am and 5:00pm (AEST).
The final election outcome and the absence of Scaleback Arrangements are likely to provide clarity and stability for QANTM shareholders. This could positively impact the company's stock price as investors gain confidence in the smooth implementation of the scheme.
Investor Reaction:
Analysts are expected to react positively to the announcement, as the absence of Scaleback Arrangements indicates a straightforward implementation process. This transparency and certainty are likely to be well-received by the market.
Conclusion:
Investors should keep an eye on the Implementation Date of 19 August 2024 and consider the potential benefits of the scheme. The clarity provided by the final election results and the absence of Scaleback Arrangements could enhance investor confidence in QANTM's future.