AVJennings Board to Recommend Shareholders Approve AU$0.67 Takeover Offer

2 min read | November 28, 2024 03:59 PM AEDT | By Team Kalkine Media

AVJennings Board to Recommend Shareholders Approve AU$0.67 Takeover Offer — Image source: shutterstock

Significant Premium and Special Dividend

In addition to the cash offer, the proposal also includes the option for AVJennings to pay a fully franked special dividend of up to $0.06 per share, enhancing shareholder value with franking credits. This dividend is proposed to be paid before the scheme’s implementation date.

Due Diligence and Approval Process

AVJennings’ board has granted AVID exclusive access to a confirmatory due diligence period until January 2025. Following this, if due diligence is completed satisfactorily and there are no superior offers, the board plans to vote in favor of the proposal. The takeover offer follows an initial approach made by AVID and Proprium in August 2024, with subsequent negotiations leading to the improved offer price of $0.67 per share.

About the Bidders

Proprium Capital Partners is a US-based real estate investment manager with around $4 billion in assets under management, including AVID Property Group, one of Australia’s largest privately held residential developers. AVID’s portfolio includes over 6,300 residential blocks and a gross revenue pipeline of $5 billion, cementing its position as a major player in the Australian housing market.

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