Insignia shareholders deliver overwhelming ‘yes’ vote
Insignia Financial shareholders on Monday did as expected and overwhelmingly voted in favour of accepting the CC Capital takeover bid.
According to Insignia’s announcement to the Australian Securities Exchange (ASX) 98.65% of the votes cast by shareholders were in favour of the Scheme Resolution, with 89.96% of shareholders present and voting at the Scheme Meeting being in favour.
Commenting on the outcome, Insignia chair, Allan Griffith said the board was pleased with the strong level of shareholder support.
“The Board’s focus throughout this process has been to ensure shareholders had the information they needed to make an informed decision,” he said. “The level of engagement and support today reflects the importance of that decision.”
Insignia chief executive, Scott Hartley said the firm’s focus remained on continuing to deliver for clients and members and supporting a smooth transition through to completion of the transaction.
CC Capital had made a binding offer of $4.80 cash per Insignia Financial share valuing the company at approximately $3.3 billion.
The Scheme price represented a $56.9% premium to the 11 December 2023 closing share price of $3.06.
The Scheme will now head to Court for approval with an expectation that it can be implemented on 28 April.
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