- Wameja (WJA) will be acquired by Mastercard, its joint venture partner for the HomeSend global payment hub, given several conditions are met
- The scheme implementation agreement with Burst Acquisition, a company controlled by Mastercard, provides for all WJA shares to be purchased for £0.08 (~A$0.143) each
- The Board has unanimously recommended shareholders vote in favour of the scheme and two institutional shareholders have already indicated they intend to do so
- Among other precedent conditions, approval is needed from shareholders, the Australian Foreign Investment Review Board and the National Bank of Belgium
- Shares have been trading 46.7 per cent higher at 13.5 cents
Wameja (WJA) will be acquired by longtime joint venture partner Mastercard, given several conditions are met.
In 2008 the companies became strategic partners and in 2014 they launched HomeSend global payment hub, a cross-border payment platform, as a joint venture.
Wameja has entered a scheme implementation agreement with a company controlled by Mastercard, Burst Acquisition.
The Board has recommended shareholders vote in favour of the scheme, under which all WJA shares would be purchased for £0.08 (~A$0.143) each.
Institutional shareholders Lombard Odier Asset Management (Europe) and First Sentier Investors (Australia) with a combined 28.6 per cent of issued capital have indicated they intend to vote favour of the scheme, as have company directors.
There are, however, several precedent conditions that must be met for the scheme to be implemented.
This includes receiving approval from shareholders, the Australian Foreign Investment Review Board and the National Bank of Belgium.
Shares have been trading 46.7 per cent higher at 13.5 cents.