Key points
- Federal Court approves convening of Midway's scheme meeting
- Scheme Booklet and Independent Expert's Report to be released
- Midway Board unanimously recommends shareholders vote in favour of the scheme
Full summary
Midway Limited (ASX: MWY) has announced that the Federal Court of Australia has made orders approving the convening of a meeting of Midway shareholders to consider and vote on the proposed acquisition of Midway by RCM BidCo Pty Ltd (an entity owned and controlled by funds managed and advised by River Capital Pty Ltd) by way of a scheme of arrangement. The Scheme Meeting is currently expected to be held at 11:00am AEDT on Thursday, 30 January 2025. The Scheme Booklet, including the Independent Expert's Report, Notice of Scheme Meeting, and the proxy form for the Scheme Meeting, is expected to be dispatched to Midway shareholders on or around 24 December 2024. The Midway Board continues to unanimously recommend that Midway shareholders vote in favour of the scheme, in the absence of a Superior Proposal and the Independent Expert continuing to conclude that the scheme is fair and reasonable and in the best interests of Midway shareholders. Subject to those same qualifications, each Midway Director intends to vote all Midway shares they hold or control in favour of the scheme.