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Proptech Group’s shareholders have approved the ASX-listed company’s takeover bid by Rockend Technology Pty Ltd. — a wholly owned MRI Software LLC subsidiary.
In an announcement posted to the ASX, PropTech Group revealed its shareholders had approved the proposed scheme of arrangement by the requisite majorities.
That proposal sees 100 per cent of PropTech Group’s shares obtained by MRI Software.
While it clears a hurdle in the acquisition of the business by MRI, the scheme does still remain subject to a set of conditions, as set out in the Scheme Implementation Deed first revealed via the ASX on 31 October 2022.
The next step is the approval of the scheme by the Federal Court of Australia.
It also must see the satisfaction or waiver of any remaining conditions prior to the court hearing, which will take place on 10 February 2023.
According to the ASX statement, if the scheme is approved by the court, shareholders of PropTech Group will be entitled to receive a consideration of $0.60 cash per scheme share, which is expected to be paid on 22 February.
REB first reported on the talks taking place between PropTech Group and MRI Software on 1 November 2022, highlighting that all the directors had confirmed their intention to vote in favour of the scheme.
At that time, REB reported that among the factors considered by the directors when recommending the scheme to shareholders was the significant premium being offered and the certainty of value.
PropTech Group chairman Simon Baker had stated the company’s belief that it was “in a strong position to continue to drive strong growth in 2023 and beyond by executing on [its] clear strategic plan that combines organic and inorganic initiatives”.
But he had outlined that the MRI proposal represented “a compelling opportunity for PropTech shareholders to realise a significant premium to the value of their PropTech shares via the certainty of cash consideration and in a time frame that would not otherwise be available”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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