- Property investment group Centuria Capital (CNI) has declared its full takeover of Augusta Capital unconditional after receiving the requisite share acceptances
- The deal, proposed by Centuria’s New Zealand subsidiary last month, has received acceptances from 65.86 per cent of Augusta’s shares, surpassing the 63.5 per cent required
- Late last month, Centuria NZ increased the cash component of the offer from NZ$0.20 to NZ$0.22 per share (approximately A$0.19 and A$0.21, respectively)
- Once the deal finalises, Centuria’s assets under management will total $8.9 million, representing at 24 per cent increase
- Centuria Capital Group is up 1.44 per cent on the market today, trading for $1.76 per share
Property investment group Centuria Capital (CNI) has declared its full takeover of Augusta Capital unconditional after receiving the requisite share acceptances.
The deal, proposed by Centuria’s New Zealand subsidiary last month, has received acceptances from 65.86 per cent of Augusta’s shares, surpassing the 63.5 per cent required to instigate the takeover.
The takeover bid is valued at $122 million and is the second bid Centuria has made for Augusta this year. In January, Centuria initially offered $162.55 million but has since lowered the amount to reflect the recent drop in Augusta’s NZ-listed share price.
Late last month, Centuria NZ increased the cash component of the offer from NZ$0.20 to NZ$0.22 per share (approximately A$0.19 and A$0.21, respectively) but has kept the scrip component of the offer steady.
At the time of the initial bid, Centuria held a 23.3 per cent stake in Augusta. Once the deal finalises, Centuria’s assets under management will total $8.9 million, representing at 24 per cent increase.
Centuria’s joint CEO, John McBain is delighted that almost two-thirds of Augusta shares have been secured so soon after the offer commenced.
“We are encouraged by the significant response and we are looking forward to completion of the offer and expanding Centuria’s funds management platform into the New Zealand market,” John explained.
“Augusta is a substantial player in this market with a highly effective team. We anticipate New Zealand to be an important growth engine within the Centuria platform,” he said.
John went on to say he is excited for Augusta shareholders to benefit from Centuria’s strong position in the Australian market.
Centuria Capital Group is up 1.44 per cent on the market today, trading for $1.76 per share at 1:30 pm AEST.