Supreme Court of NSW Approves QANTM's Acquisition by Fox BidCo Pty Ltd
QIP (QIP) Share Update August 2024 Friday 2nd
Supreme Court of NSW Approves QANTM's Scheme of Arrangement
QANTM Intellectual Property Limited (ASX: QIP) has announced that the Supreme Court of New South Wales has approved the proposed scheme of arrangement, under which Fox BidCo Pty Ltd will acquire 100% of QANTM's shares.
Instant Summary:
- Supreme Court of NSW approves QANTM's scheme of arrangement.
- Fox BidCo Pty Ltd to acquire 100% of QANTM shares.
- Scheme becomes effective on 5 August 2024.
- QANTM shares to be suspended from trading after 5 August 2024.
- Special Dividend Payment Date set for 16 August 2024.
Approval and Next Steps
The Supreme Court of New South Wales has given its approval for the proposed scheme of arrangement, allowing Fox BidCo Pty Ltd, an entity owned and controlled by funds managed by Adamantem Capital Management Pty Ltd, to acquire all shares in QANTM Intellectual Property Limited (ASX: QIP). This marks a significant milestone in the acquisition process.
The scheme will become legally effective once QANTM lodges a copy of the Court orders with the Australian Securities and Investments Commission (ASIC) on Monday, 5 August 2024. At this point, QANTM shares will be suspended from trading on the ASX at the close of trading on the same day.
Key Dates and Timeline
The following key dates have been outlined for the implementation of the scheme and the payment of the special dividend:
- Effective Date: 5 August 2024 - Court orders to be lodged with ASIC and announced to ASX. Last day of trading of QANTM shares, which will be suspended from trading on ASX from the close of trading.
- Special Dividend Record Date: 6 August 2024 at 7:00pm (AEST).
- Scheme Record Date: 8 August 2024 at 7:00pm (AEST) for determining entitlements to Scheme Consideration.
- Special Dividend Payment Date: 16 August 2024.
- Scheme Implementation Date: 19 August 2024 - Provision of Scheme Consideration.
It is important to note that these dates are indicative and subject to change. Any updates will be announced by QANTM on the ASX.
About QANTM Intellectual Property
QANTM Intellectual Property Limited is a leading provider of intellectual property (IP) services in Australia, New Zealand, Singapore, Malaysia, and Hong Kong. The company operates under several key brands, including Davies Collison Cave, DCC Advanz Malaysia, Davies Collison Cave Law, FPA Patent Attorneys, and Sortify.tm Ltd. QANTM serves a diverse range of clients, from start-up technology businesses to Fortune 500 multinationals, public research institutions, and universities.
This approval is a positive development for QANTM shareholders, as it provides clarity and a clear path forward for the acquisition. The suspension of QANTM shares from trading may cause short-term liquidity issues, but the overall impact is expected to be positive as shareholders receive their Scheme Consideration and Special Dividend.
Investor Reaction:
Analysts are likely to view this approval favorably, as it removes uncertainty surrounding the acquisition. Investors may react positively to the news, anticipating the benefits of the acquisition and the special dividend payout.
Conclusion:
Investors should stay informed about the upcoming key dates and any potential changes to the timeline. The approval of the scheme of arrangement by the Supreme Court of NSW marks a significant step forward for QANTM and its shareholders. As the process moves towards completion, investors should consider the long-term benefits and potential impacts on their portfolios.