Trade Me Group Provided Scheme Booklet Regarding the Proposed Acquisition by Titan

Trade Me Group Provided Scheme Booklet Regarding the Proposed Acquisition by Titan

Trade Me Group Limited (ASX: TME) has provided a notice of a meeting and a scheme booklet in relation to the proposed acquisition of all the Shares in Trade Me by Titan AcquisitionCo New Zealand Limited for NZ$6.45 cash per Share under a scheme of arrangement.

Trade Me Group is going to conduct a special meeting to consider, and vote on, the Scheme which will be held on 3 April 2019. For the Scheme to proceed, it must be approved by the company’s shareholders at the Scheme Meeting.

The purpose of the Scheme Booklet is to provide shareholders with information about the proposed acquisition and explain the terms and effect of the Scheme.

On 12 December 2018, Trade Me group entered into a Scheme Implementation Agreement (SIA) with Titan under which Titan agreed to acquire 100% of the Shares in Trade Me for NZ$6.45 cash per Share by way of a scheme of arrangement. The SIA is subject to a number of conditions. One of the conditions was to receive consent from New Zealand’s Overseas Investment Office. Recently on 11 March 2019, the company announced that it has received the consent from OIO and now to proceed further, the company requires the approval of Trade Me’s shareholders and approval by the High Court.

If the Scheme is approved, the shareholders of Trade Me will receive NZ$6.45 in cash for each share that they hold. This amount is expected to be paid to Shareholders on or about 8 May 2019.

Trade Me’s Directors have carefully considered the advantages and disadvantages of Titan’s proposal. The Directors have concluded that NZ$6.45 is an attractive price for the shareholders. The Scheme Consideration of NZ$6.45 per Share is representing a material premium to the price at which Shares traded prior to the announcement of the Scheme on a variety of measures, including a 26.5% premium to Trade Me’s closing Share price on the NZX on 20 November 2018, the last trading day prior to the announcement of Titan’s non-binding indicative offer. The Directors unanimously believe the reasons for the shareholders to vote in favour of the Scheme significantly outweigh the reasons for them to vote against the Scheme.

Now, let’s have a glance at the company’s share performance and the return it has posted in the past few months. At the time of writing, the stock is trading at a price of $6.195, up by 0.243% during the day’s trade with a market capitalization of ~$2.45 billion as on 13 March 2019 (AEST 2:42 PM). The counter opened the day at $6.200 and reached the day’s high of $6.240 and touched a day’s low of $6.190 with a daily volume of more than 331,605. The stock has provided a year till date return of 4.39% & also posted returns of 34.64%, 1.48% & 2.15% over the last six months, three & one-month period, respectively. It had a 52-week high price of $6.240 and touched 52 weeks low of $3.854, with an average volume of ~1,147,852.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Top 25 Dividend Stocks To Consider

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here