Scheme Legally Effective, Trading Suspended
Key points
- Scheme of Arrangement between PSC Insurance Group and Rosedale Bidco approved by Federal Court
- Cash consideration of A$6.19 per share to be paid to PSC shareholders
- Quotation of PSC shares on ASX to be suspended from close of trading on 2 October 2024
Full summary
PSC Insurance Group Limited (ASX:PSI) has announced that the proposed acquisition of the company by Rosedale Bidco Pty Ltd, a member of The Ardonagh Group, by way of a Scheme of Arrangement has become legally effective. The Federal Court of Australia has approved the Scheme, and PSC has lodged a copy of the Court orders with the Australian Securities and Investments Commission. Under the Scheme, PSC shareholders will receive a cash consideration of A$6.19 per share, with the payment expected to be made on the Implementation Date of 11 October 2024. The Scheme Booklet, which was released to the ASX on 22 August 2024, provides further details on the Scheme. PSC has also confirmed that quotation of its shares on the ASX will be suspended from the close of trading on 2 October 2024.
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