- Milton (MLT) says a scheme of arrangement between the company and its shareholders is legally effective
- MLT lodged a copy of Federal Court orders approving the scheme with ASIC today
- Participants are set to receive a consideration of more than 0.18 shares in Washington H. Soul Pattinson and Co. for every Milton share already held
- Shares closed down a slight 0.3 per cent at $6.59 each on September 21
Milton Corporation (MLT) says a scheme of arrangement between the company and its shareholders, other than Washington H. Soul Pattinson and Company (WHSP) and its subsidiaries, is legally effective.
MLT lodged a copy of orders made by the Federal Court of Australia on September 20 with the Australian Securities and Investments Commission (AISC).
The office copy of the orders, which approve the arrangement, render the scheme legally effective, with the quotation of ASX-listed Milton shares expected to be suspended from the close of trading today.
MLT said from October 5, all scheme participants would receive their scheme consideration, which amounted to a little over 0.18 WHSP shares for every Milton share owned, and have their names entered on the WHSP register.
Further, the company said all Milton shareholders as at September 22 were expected to receive the special dividend.
The new WHSP shares are projected to start trading on the ASX on a deferred settlement basis from September 22, and on a normal settlement basis from October 6.
Chairman of the Committee of Independent Milton Directors, Graeme Crampton, said the committee thanked its 30,000 shareholders for their investment in Milton over the years.
“Once the scheme is implemented, the combined group will build on Milton’s 83-year legacy as well as the skills of both Milton and WHSP’s investment teams to pursue dividend growth as well as capital growth and invest for the future,” he said.
Milton CEO and Managing Director Brendan O’Dea said the company was excited to bring its long-term investment capabilities to the combined group.
“We look forward to working with the WHSP management team to deliver long-term income and capital growth for our combined shareholder base.”
Milton’s shares closed down a slight 0.3 per cent at $6.59 each on September 21.