Mainstream shareholders vote for acquisition by Apex

mainstream apex Deloitte

8 October 2021
| By Jassmyn |
image
image
expand image

Mainstream Group Holdings’ shareholders have voted in favour for the fund administrator to be acquired by Apex Fund Holdings by way of scheme of arrangement.

An announcement to the Australian Securities Exchange (ASX) said Mainstream’s last day of trading on the ASX would be on 18 October, 2021, with the acquisition closing on 27 October, 2021.

During the scheme meeting, 99.98% of the total number of votes cash by Mainstream shareholders were in favour of the scheme resolution.

The acquisition remained subject to the approval of the Federal Court of Australia when a second hearing is to be held on 15 October, 2021.

Mainstream’s independent expert, Deloitte, said the acquisition was fair and reasonable and in the best interests of shareholders and assessed the value of Mainstream to be in the range of $2.17 to $2.64 per Mainstream share.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 days 2 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 weeks ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

6 days 5 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 8 hours ago