Federal Court approves Vocus' acquisition of Amcom
- 24 June, 2015 08:18
The Federal Court of Australia has made orders approving the scheme of arrangement under which Vocus Communications will acquire Amcom Communications.
Both companies made statements to this effect to the Australian Stock Exchange (ASX), yesterday, and Amcom now expects to lodge a copy of the Court orders with the Australian Securities and Investment Commission (ASIC) today (June 24), at which time the Scheme will become legally effective.
If this occurs Amcom will apply for its shares to be suspended from trading at the close of trading today.
In its filing to the ASX, Amcom stated that its shareholders who are on the Amcom share register at 7pm (Perth time) on July 1, 2015, will be entitled to receive 0.4614 new Vocus shares for every Amcom share held on that date ("Scheme Consideration").
Amcom shareholders will be sent the Scheme Consideration on July 8, 2015, in accordance with the terms of the Scheme.
New Vocus shares are expected to commence trading on a normal settlement basis on the ASX on July 9, 2015, under the ASX code VOCN.
On June 15 at a meeting in Perth, Amcom shareholders voted in favour of the scheme of arrangement, giving the Vocus merger the green light.
Total shares voted at the meeting were 234.7 million with 77 per cent voting for the merger, while 22.8 per cent voted against.
According to a statement from Amcom, the scheme received unanimous support from the balance of the share register (excluding interests held by TPG), with 99.8 per cent of non-TPG votes cast in favour of the Scheme.
Other than TPG, only 300,000 voted against the resolution.
“This shareholder vote is something of a landmark given TPG held 19.99 per cent of Amcom and voted against the Scheme,” Amcom chairman, Tony Grist, said at the time.