IWL’s takeover of Sanford enters last leg
IWLpassed the critical 90 per cent ownership ofSanford Securitieslate on Thursday, allowing it to now compulsorily acquire the remaining stock of the group as permitted under the Corporations Act 2001.
The latest and now final IWL offer to Sanford shareholders expires on May 1, at which point the group will move to seize full control of the Perth-based broking group and acquire any outstanding stock from shareholders.
As at 4pm on Thursday IWL had increased its stake to 90.67 per cent or 52,204,108 ordinary shares.
IWL is offering Sanford shareholders one new IWL share for every Sanford share held or $0.19 in cash for every Sanford share held.
Of the acceptances to date about 80 per cent of shareholders have opted for the 19 cents per share option with the remaining 20 per cent opting for the scrip offering.
Sanford shareholders accepting the offer prior to its close will have their consideration processed within 14 days of acceptances being received, whereas the company warns those shareholders that have their stock compulsorily acquired will wait at least a month for their consideration.
AUTHOR
Craig Phillips
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