Court Approves Scheme of Arrangement for PSC Insurance Group
Key points
- Federal Court of Australia approves scheme of arrangement
- Scheme to acquire PSC Insurance Group by Rosedale Bidco Pty Ltd
- Cash consideration of $6.19 per PSC share
Full summary
PSC Insurance Group Limited (ASX:PSI) has announced that the Federal Court of Australia has approved the scheme of arrangement for the proposed acquisition of PSC by Rosedale Bidco Pty Ltd, a member of The Ardonagh Group. The scheme was first announced on 8 May 2024, and the Scheme Booklet was released on 22 August 2024. Under the approved scheme, PSC shareholders will be entitled to receive $6.19 cash per share, with the exception of the Rollover Shareholders who will receive scrip consideration for a portion of their shares. PSC expects to lodge the Court orders with ASIC tomorrow, 2 October 2024, at which time the scheme will become legally effective. PSC will also request the suspension of its shares from ASX trading at the close of trading tomorrow. The implementation date for the scheme is currently expected to be Friday, 11 October 2024.
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