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On 18 January 2019, Phileo Australia Limited (ASX:PHI), a company from the real estate industries which deals into investment and development of the properties announced the Capital Return and Delisting approval update by the shareholders that was earlier declared on 21 December 2018.
As per the recent updates, and PHIâs announcement of 20 December 2018, an application was sent to ASX from the PHI for the voluntary suspension in the trading of PHI shares on ASX after the market close at 4 pm Melbourne time on 21 January 2019.
In case this request for voluntary suspension gets approval from ASX, it will be notified to the shareholders and the investors through the announcement platform of PHI in the form of public circular. PHI further informs its shareholders that they will not be able to trade PHIâs shares post-Monday 21 January 2019. Â
PHI also share the other critical dates regarding the implementation of the capital return and delisting.
At 7 pm, on 23 January 2019, the company declared its capital return record date, where the shareholding of the Existing Shareholders and Partially Exiting Shareholders will be identified for cancellation.
Those identified Exiting Shareholders and Partially Exiting Shareholders will get canceled on 31 January 2019, and the payment against those shares will be dispatched to the respective shareholders for the canceled shares.
On 1 February 2019, Phileo Australia Limited will get delisted from ASX.
For the financial year 2018, which ended on 30 June 2018, PHI made a massive profit of $85,098,532 which is 3.63 times its previous profit of FY2018. The company has a solid balance sheet with a net asset base of $207,832,697 and a debt to equity ratio of 0.63. It indicates that the company is financially secure to meet its long-term obligations. Based on the debt-equity ratio, it can be concluded that the company used its resources for the financial requirement during the period. Based on the position of the total current asset and the total current liabilities, it can be said that the company can efficiently manage its short-term debts and also the working capital requirements.
By the closure of the FY2018, the net cash balance with the company was $152,686,836.
Even though the company is financially stable with a strong balance sheet, however as a result of significant increase in the cash reserves since 31 December 2017, the shareholders have expressed their interest in the sale proceed being distributed to them. On the other hand, the company was also looking for an opportunity where it can return capitals to the shareholders in a most effective manner.
On 12 July 2018, PHI received a confidential, non-binding and Indicative proposal from Mr. Koh where he highlighted the benefits of external valuation, taxation, and legal advice. A revised proposal after the negotiation between the Independent Committee and Mr. Koh stated an increase in the consideration that needs to be offered to the shareholders.
By the end of the trading on 18 January 2019, the closing price of the share was A$12.50 with the market capitalization of A$361.59 million and PE ratio 4.25x.
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