FOLLOWING shareholders vote in favour of the takeover of Perth-based offshore support company MMA Offshore to Singapore’s Cyan Renewables a hearing will be held in the Australian Federal Court on 10 July and provided it gets approval, the scheme will be implemented around 25 July with payment of the scheme on the same day.
Final trading of MMA shares on the Australian Stock Exchange will be 11 July.
MMA shareholders voted in favour of the proposed acquisition of 100% of the company’s issued shares by a subsidiary of Cyan Renewables.
The votes followed an improved offer by Cyan of $2.70 per MMA share up from $2.60 it offered in March.
The improved offer valued the Australian company’s equity at approximately $1.07bn.
Singaporean business magnate Michael Kum, who holds about 7.7% in MMA via his vehicle Halom Investments, backed the takeover and MMA directors followed suit and unanimously backed the bid along with the company’s other major shareholder ‘TIGA Trading.
MMA announced on 8 July that 92.30% votes were in favour of the takeover.
