Australian Unity proceeds with Charter Hall and Abacus proposal5 September 2019
Australian Unity confirms that following the offer from Charter Hall and Abacus to acquire all of the units in the trust, AOF has now entered into a Scheme Implementation Agreement (SIA) with the parties in advance of the unit holder approval process.
Charter Hall and Abacus proposal set out in the SIA proposes consideration of $3.04 cash per unit, which represents a:
- 9.4% premium to AOF’s closing price of $2.78 on 3 June 2019 (the day prior to announcement of the Consortium’s original proposal to acquire AOF);
- 11.8% premium to AOF’s 30 day VWAP of $2.72 up until 3 June 2019; and
- 9.0% premium to AOF’s 30 June 2019 NTA per unit of $2.79.
AOF may decide not to proceed with payment of the distribution for the quarter ending 30 September 2019 (or any subsequent quarter) given the consideration under the Scheme would be reduced by that amount.
The AOF Independent Directors unanimously recommend approval of the SIA in the absence of a 'superior proposal' and remains subject to the Independent Expert concluding that the Scheme is in the best interests of AOF unitholders.